Barclays ups target for B&M Value Retail after latest trading update

Barclays analysts raised their target price for shares of B&M European Value Retail following the retailer's latest update.

Although the trading update for the first quarter contained just four weeks' worth of new sales data for the core UK business, they did imply an exit rate of approximately 11%.

The analysts termed that "very encouraging".

An update on Heron and France contained in the same trading statement was "positive", they added.

The target price for the shares went up from 565.0p to 620.0p, while their recommendation stayed at 'overweight'.