Ted Baker's rating cut to 'hold' by Jefferies
Ted Baker has had its rating cut by Jefferies to ‘hold’ from ‘buy’ as mild winter weather, discounting in the US and a slowdown in Asia is expected to slow sales at the luxury fashion retailer.
FTSE 250
20,532.57
11:40 15/11/24
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FTSE 350
4,464.02
11:40 15/11/24
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FTSE All-Share
4,422.04
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General Retailers
4,601.43
11:40 15/11/24
-0.08%
-3.51
Ted Baker
109.80p
16:40 20/10/22
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0.00p
Jefferies has lowered its annual pre-tax profit forecast on the company to £58.6m, in line with consensus, saying the shares look set to “pause for a breather” after rising 39% this year.
The broker also warned that Christmas trading could be disappointing at Ted Baker.
Margins are expected to feel pressure from higher-than-expected operating costs, further IT development and international expansion.
Jefferies cut its target price to 3200p from 3400p
Shares fell 3.64% to 3,067p at 1544 GMT.