Numis has turned outright buyers of Howden Joinery (LON:HWDN) – previously rated as ‘add’ – following the stock’s recent de-rating.
Analyst Howard Seymour said: “We continue to believe that Howden merits a premium rating to the merchanting sector, though after recent weakness it now trades in line with its peers.
“The scope to rerate will be manifest through managements ability to deal with headwinds and market uncertainty.”
Nevertheless, the broker has cut its target price to 450 pence a share (from 515 pence).
At 3:03pm: (LON:HWDN) Howden Joinery Group PLC share price was +5.9p at 368.5p
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