Peel Hunt said Dr Martens was looking "at risk" after the firm fired a profit warning to the market, with the scale of the profit dent "much greater than feared". The negative impact from inflation of £35m, plus temporary warehouse and stockholding costs of £15m, have combined to take management's view of 'worst case' pretax profits next year to one-third of 2024. They say hold the stock with a target price of 110p.

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Analysts at Peel Hunt reckon the comparison shop is a buy stock after revenue grew eight per cent to £115m. The firm's insurance proved a boon with 21 per cent growth to £61m, driven by high-premium inflation. Travel grew in the first quarter, up 10 per cent, driven by continued recovery of the segment. Peel Hunt say it remains "confident in meeting market expectations" and maintain their buy rating with a target price of 280p.

(c) 2024 City A.M., source Newspaper