StockMarketWire.com - Cantor Fitzgerald has upgraded its recommendation on N Brown [LON:BWNG] to hold (from sell) after the Company reported better-than-expected third-quarter trading results for the 18 weeks to 2nd January.

The broker said: "We believe an increasing portion of the financial services administration charges are transferred internally to support the retail operations which indicates that the underlying retail margins have declined substantially over the last three years and sales have disappointed.

"However, given the shares have fallen 53% from 599p to 281p in the last two years we are upgrading to a HOLD recommendation from SELL given the widening discount to the sector EV/EBIT and PE multiples and attractive dividend yield."

Analysts have set a target price of 530 pence per share (previously under review).

At 2:53pm: [LON:BWNG] Brown N Group PLC share price was +28.85p at 309.85p



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