NEXT plc (NXT) Downgraded by Credit Suisse Group
NEXT plc (LON:NXT) was downgraded by investment analysts at Credit Suisse Group to an “underperform” rating in a research report issued to clients and investors on Thursday. They presently have a GBX 4,000 ($50.60) price target on the stock, down from their prior price target of GBX 4,250 ($53.76). Credit Suisse Group’s target price indicates a potential downside of 7.00% from the company’s previous close.
Several other research firms have also recently issued reports on NXT. Peel Hunt restated a “hold” rating and set a GBX 4,200 ($53.13) price objective on shares of NEXT plc in a report on Thursday, March 23rd. BNP Paribas cut NEXT plc to an “underperform” rating and decreased their price objective for the stock from GBX 3,900 ($49.34) to GBX 3,700 ($46.81) in a report on Monday, April 3rd. Goldman Sachs Group, Inc. (The) raised their price objective on NEXT plc from GBX 4,200 ($53.13) to GBX 4,400 ($55.66) and gave the stock a “neutral” rating in a report on Friday, March 24th. Jefferies Group LLC decreased their price objective on NEXT plc from GBX 4,600 ($58.19) to GBX 3,500 ($44.28) and set a “hold” rating on the stock in a report on Tuesday, February 28th. Finally, HSBC Holdings plc restated a “reduce” rating and set a GBX 3,360 ($42.50) price objective on shares of NEXT plc in a report on Wednesday, June 7th. Eight investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of GBX 4,487.24 ($56.76).
Shares of NEXT plc (NXT) traded down 6.79% during trading on Thursday, reaching GBX 4009.00. The company had a trading volume of 735,026 shares. NEXT plc has a 12 month low of GBX 3,550.00 and a 12 month high of GBX 5,705.00. The firm’s 50 day moving average price is GBX 4,336.97 and its 200 day moving average price is GBX 4,261.57. The firm’s market capitalization is GBX 5.72 billion.
The company also recently declared a dividend, which will be paid on Tuesday, August 1st. Investors of record on Thursday, July 6th will be paid a GBX 105 ($1.33) dividend. This represents a yield of 2.5%. This is an increase from NEXT plc’s previous dividend of $53.00. The ex-dividend date is Thursday, July 6th.
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In related news, insider Michael J. Roney bought 5,000 shares of the firm’s stock in a transaction on Monday, March 27th. The stock was bought at an average cost of GBX 4,138 ($52.35) per share, for a total transaction of £206,900 ($261,733.08).
NEXT plc Company Profile
NEXT plc is a United Kingdom-based retailer offering clothing, footwear, accessories and home products. The Company’s segments include NEXT Retail, a chain of over 500 stores in the United Kingdom and Eire; NEXT Directory, an online and catalogue shopping business with over four million active customers and international Websites serving approximately 70 countries; NEXT International Retail, with approximately 200 mainly franchised stores; NEXT Sourcing, which designs and sources NEXT branded products; Lipsy, which designs and sells Lipsy branded younger women’s fashion products, and Property Management, which holds properties and property leases which are sub-let to other segments and external parties.
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