Canaccord Genuity raises target price on Wickes.

Analysts at Canaccord Genuity raised their target price on home improvement retailer Wickes from 180.0p to 198.0p on Wednesday as a "resilient" Q4 performance drove an upgrade to FY24 adjusted pre-tax profits.

Wickes Group
29 January 2025 09:39:04

Source: Sharecast

Berenberg said Wickes delivered a "robust FY24 trading performance", which showed further volume-driven retail sales growth across Q4 and an improved performance in its design and installation unit despite "challenging market conditions".

The "resilient Q4 performance" across both divisions, along with a continued grip and focus on operating costs, resulted in management now expecting FY24 adjusted pre-tax profits to be towards the upper end of the market forecast range of £39.7m-£44.0m.

"We duly update our forecasts to reflect the resilient FY24 outcome and increase our FY24 adj. PBT forecast by 5% to £42.5m," said Berenberg, which has a 'buy' rating on the stock.

"We continue to believe that the development of TradePro, combined with other organic growth initiatives, should position the group strongly as and when underlying housing market and macro conditions improve, whilst balance sheet strength and an undrawn debt facility provide a solid framework for ongoing business investment."

Reporting by Iain Gilbert at Sharecast.com

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