StockMarketWire.com - Following a strong set of interim results from home entertainment distributor MBL, Seymour Pierce is raising its 2009/10 pre-tax profit forecast from £8.1m to £8.8m.

'We are reiterating our buy recommendation on the stock, which has been trading at current levels over the last six months despite two recent upgrades to projections and is now looking significantly undervalued.

'On the basis of our revised forecasts, it is rated at just 4.6x 2009/10 earnings with a dividend yield of around 4%.'






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