RBC Capital upgrades Frasers Group to 'sector perform'

The bank said that Frasers, which owns Sports Direct and House of Fraser, should be relatively resilient in a consumer downturn given its exposure to low-priced sports retailing and due to the growth of its luxury format Flannels.

"Frasers has a mixed track record in Europe but longer term it has the opportunity to become one of a handful of strong omnichannel players, as the sector consolidates," it said.

RBC cut the price target to 750p from 850p.