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McColl's upgraded by Beaufort

25 July 2017 15:38

Beaufort Securities has upgraded its recommendation McColl's Retail Group (LON:MCLS) to hold (from sell) on the back of its latest set of interim results, saying they show "Encouraging signs".

The broker said: "A half-year EBITDA was slightly ahead of last year despite absorbing Co-op-related pre-opening costs, together with evidence of progress across key convenience categories while also gaining market share in tobacco, suggests further gross margin improvement can be secured."

Analysts have increased their price target to 220 pence per share from 150 pence.

At 3:38pm: (LON:MCLS) Mccolls Retail Group Plc share price was +1p at 211p

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