- Numis has moved its rating on catalogue and online fashion retailer N Brown Group [LON:BWNG] to "hold" from "add" stating that, despite a relatively solid set of full-year results, the concerns outweigh the opportunity.

The broker highlighted that persistent forecast cuts and an ever expanding repertoire of downgrade explanations are a reminder that the company should trade at a discount to the sector.

Analyst Andrew Wade added: "With a number of substantial tailwinds, including positive product momentum brought in from the end of FY15, price investments, bought-in gains, optimised marketing, and some weak comps, we cannot help but feel the business should have been making profit progress this year."

Target price stands at 280 pence per share.

At 1:48pm: [LON:BWNG] Brown N Group PLC share price was -5.6p at 246.9p

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