YOOX
Goldman Sachs maintains its conviction “buy” rating on the Italian online fashion retailer with a target price of €16.80, after it reported strong full-year 2011 sales, implying fourth-quarter revenues nine per cent ahead of company consensus. The broker believes Yoox is well-positioned within two growth trends – the expansion of internet retail and the growth in sales of luxury goods.
MCBRIDE
Panmure Gordon upgrades the own-brand cleaning products company from “hold” to “buy” and increases its target price from 130p to 150p, after interim results from the group in line with expectations. The broker says all geographies show good underlying revenue growth, with the firm’s cost recovery programme starting to be reflected in improving margins. Panmure says it is more confident that McBride can achieve its forecasts for the next two years.
IG GROUP
Numis downgrades the trading group from “buy” to “hold” and its target price falls from 616p to 536p, in line with its reduced forecasts for the year. The broker sees pre-tax profit down two per cent this year, and seven per cent next year. Though IG continues to offer a great medium-term growth story the broker thinks the market will react negatively to slowing growth, and says less volatile markets could weigh on the shares.
