JPMorgan cuts B&M price target, reiterates 'underweight'
JPMorgan Cazenove cut its price target on on Thursday to 281p from 299p as it reiterated its 'underweight' rating on the shares.
"Following weaker-than-expected FY25 earnings, we revise our estimates HSD-DD% below consensus with a revised Sep-26 price target of 281p," it said.
"We continue to see B&M on the verge of a wider strategic/margin reset than both management and market expectations acknowledge/reflect at this juncture."
The bank said it continues to prefer Sainsbury and Tesco, both of which are rated 'overweight', as more visible investment cases in the UK space.
At 0945 BST, B&M shares were down 2.6% at 275.97p.
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