RBC Capital Markets ups Superdry to 'outperform'
Superdry
7.11p
16:35 03/05/24
RBC Capital Markets upgraded Superdry to ‘outperform’ from ‘sector perform’ on Thursday, lifting the price target to 425p from 390p as it highlighted an undemanding valuation.
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17:14 03/05/24
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16:59 03/05/24
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16:54 03/05/24
"We think that Superdry is progressing well in its brand reset, with an improved product range and a widening demographic appeal," RBC said.
"We note that the shares have come in circa 25% over the last three months and, on circa 11x CY22E price-to-earnings, Superdry is now trading at a significant discount to its own history and premium apparel peers."
RBC said this represents an attractive entry point to a company with an improving top-line performance and margin expansion to come.
At 1030 GMT, the shares were up 5.3% at 279p.