Broker Snaps

Next

1,290p -12p

Broker says HOLD

SG SECURITIES has lifted its recommendation on Next shares to "hold" from "sell" while also raising its target price to 1,317p from 910p, following the fashion chain's trading update on Thursday.

The update was weak, but this had been expected and, even though Next remains challenged, news in coming months is likely to be better, SG noted.

Next's first-quarter results revealed that sales had slumped by just under 9 per cent in the three months to March.