DFS downgraded by Numis

Numis has moderated its investment rating on furniture retailer DFS (LON:DFS) and moved to a 'hold' recommendation (from 'add') following the company's latest results announcement, which it says was in line with expectations.

The broker added: "The operational strategy and commitment to TSR remain admirable, while the P&L and liquidity profiles are solid as ever. However, the shares have recovered well in recent months, narrowing the PE discount to the sector to 5% and nearly achieving our target price."

Analysts have a 280 pence per share price target on the stock.

Meanwhile, Beaufort Securities retained its 'hold' call, despite acknowledging the company performed decently in FY 2016.

It commented: "Nonetheless, the uncertainties being generated by the referendum, together with the National Institute for Economic and Social Research predicting a 'evens' chance of recession in 2017; it will be difficult for DFS to avoid downgrading expectations as the year progresses."

At 3:09pm: (LON:DFS) DFS Furniture Plc share price was -17.6p at 255.7p