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FTSE 250 movers: Currys surges on Berenberg upgrade
(Sharecast News) - FTSE 250 (MCX) 20,694.38 1.26%
Berenberg upgraded Currys on Thursday to 'buy' from 'hold' and lifted the price target to 90p from 67p as it said the electricals retailer was "a sound way to play the expected improvement in UK retail demand".
Berenberg said Currys' improving sales momentum, expansion of market share and presence within a significantly depressed, highly discretionary segment of domestic retail makes it well placed to benefit from a near-term rebound in demand.
"Despite a record of building sales momentum and UK end-market dynamics that are well suited for demand recovery, Currys trades on a significant discount to peers," it noted.
"We expect this discount to diminish as trading momentum continues, indebtedness reduces further and growth accelerates."
Berenberg argued that Currys' UK end-markets are poised for a more pronounced rebound in expenditure versus other non-food categories.
"We note that price-adjusted expenditure in UK small electrical appliances in 2023 was materially below the extrapolated 30-year growth trend post-2019, and further depressed versus other non-food categories.
"A partial reversion to trend growth in price-adjusted expenditure would deliver an improvement in revenue growth for Currys, in our view."
Watches of Switzerland also made strong gains, rising 7.25%.
Keller Group, Great Portland Estates Alliance Trust, and JPMorgan Global Growth & Income fell as they went ex-dividend
FTSE 250 - Risers
Currys (CURY) 77.30p 8.19% Watches of Switzerland Group (WOSG) 414.40p 7.25% Ithaca Energy (ITH) 135.10p 6.71% Foresight Group Holdings Limited NPV (FSG) 485.00p 6.36% Trainline (TRN) 321.60p 6.35% WH Smith (SMWH) 1,166.00p 6.00% Pets at Home Group (PETS) 293.80p 5.30% Petershill Partners (PHLL) 213.50p 5.17% Diversified Energy Company (DEC) 1,160.00p 5.07% Future (FUTR) 1,064.00p 3.91%
FTSE 250 - Fallers
PZ Cussons (PZC) 110.00p -3.85% Bank of Georgia Group (BGEO) 3,745.00p -2.47% Bytes Technology Group (BYIT) 570.00p -1.81% Keller Group (KLR) 1,328.00p -1.48% Auction Technology Group (ATG) 564.00p -1.40% Hargreaves Lansdown (HL.) 1,052.00p -1.31% TUI AG Reg Shs (DI) (TUI) 542.50p -1.27% PPHE Hotel Group Ltd (PPH) 1,310.00p -1.13% Great Portland Estates (GPE) 351.00p -1.13% JPMorgan Global Growth & Income (JGGI) 541.00p -1.10%
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