Jeremy Batstone
Jeremy Batstone
beyond hold outlook remain uncertain
With the outlook beyond 2006 as uncertain as ever, we remain comfortable with our hold recommendation.
achieve bid certain consensus far figures group negative partial perhaps previous price reaction reflect regarding results share
The negative share price reaction to these results may reflect certain disappointment... regarding figures which only met, but didn't far exceed, consensus expectations (as the group has been able to achieve in each of the previous two quarterly results announcements) and perhaps a partial evaporation of vague, but continuous, bid speculation.
addressing dearth group indicate pipeline products quick results risk suspect
We find little in these results to indicate that the group is addressing the dearth of late-stage pipeline products right now and suspect that the risk of opting for quick fixes does not come risk-free.
continue doubt easier environment march next onward operating
There is no doubt that the operating environment won't get any easier for (general retailers) next year. Supermarkets continue their onward march into the sector.