<strong>JULIAN HARDWICK </strong> RBS<br />&ldquo;We expect consensus earnings forecasts will be revised down as analysts review their <br />currency assumptions, and this is likely to have some adverse impact on the shares in the near term despite the generally reassuring tone of this update we say &ldquo;hold&rdquo;.<br /><br /><strong>JEREMY BATSTONE-CARR </strong>CHARLES STANLEY<br />&ldquo;Our &ldquo;hold&rdquo; recommendation is based on our perception that the shares&rsquo; valuation now <br />more accurately reflects operating reality. There are investor concerns regarding the group&rsquo;s ability to achieve like-for-like sales growth within its target range.&rdquo;<br /><br /><strong>GRAHAM JONES </strong> PANMURE GORDON<br />&ldquo;We have re-run our currency model and increased our margin expansion assumption. As such, our earnings per share forecast for 2009 falls by 2 per cent from 35.7p to 35.0p. As a consequence, we are trimming our price target from 660p to 625p, but reiterate our &ldquo;buy&rdquo; recommendation.&rdquo;