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HSBC has upgraded Morrisons from “sell” to “hold” after a weak third-quarter trading statement from the supermarket last month caused shares to fall below HSBC’s target price of 150p. It has left its forecasts and target price unchanged. The broker said that although management is doing the right things, it remains concerned with industry issues and Morrison’s lack of scale.
JD SPORTS FASHION
Peel Hunt has upgraded its target price for JD Sports to 1,150p from 1,100p after the sportswear retailer upped its full-year profit guidance again last week. JD Sports’ shares have caught up a bit with the forecast momentum, and a decent premium to the sector has emerged, Peel Hunt said. As a result is has eased back its headline stance from “buy” to “add”, but said “there’s little not to like”.