Games Workshop Group PLC (LSE:GAW) saw its price target lifted by Peel Hunt, as the broker still sees “a lot to look forward to”.
The fantasy collectibles retailer on Friday, in its full year trading update, told investors it expects core revenue to grow 13% to not less than £560 million.
Profit before tax set to come in at no less than £255 million for the 52 weeks ending 1 June. Core operating profit is forecast at £210 million, with licensing contributing about £45 million.
Peel Hunt nevertheless downgraded its rating to ‘Add’ from ‘Buy’, in acknowledgement that “the shares have performed well this year”, having risen 19% and it now trades at around 33 times earnings.
The broker today moved its target to 16,500p from 15,000p.
In London, Games Workshop shares were down 3.7%, changing hands for 15,280p.