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Next downgraded by Exane

03 April 2017 15:13

Exane BNP Paribas has downgraded its investment rating on Next (LON:NXT) to underperform (from neutral), believing the recent rally has been overdone.

The broker added: "Whilst forecast risk for the current fiscal year is largely understood, outer year forecasts (and valuation) still reflects a stabilisation that we don't perceive as likely or indeed possible.

"As we move through this year and outer year forecasts come under pressure, we believe sentiment and the shares can rebase."

Analysts have cut their target to £37 per share (from £39).

At 3:13pm: (LON:NXT) Next PLC share price was -132p at 4188p

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