Currys PLC is gaining market share from Argos and delivering genuine growth in a shrinking retail market, according to Panmure Liberum.
The broker said bespoke data analysis from Apex shows the FTSE 250-listed electronics retailer is outperforming rivals across a range of indicators, including brand sentiment, traffic, and customer engagement.
These gains are visible in traditional search and emerging AI-driven channels, with Currys now attracting more free traffic than any peer.
The chain is also seeing improved colleague engagement, which Panmure says is helping boost customer retention, visit frequency, and spending levels. The strategy appears to be working, analysts said.
"All of this translates into sustained market-share gains which, in a retail environment where volumes are declining, underpin genuine growth," they wrote, adding that the 'levers' enabling Currys to monetise its leading market position "are sustainable".
While Argos, which is owned by J Sainsbury PLC, remains larger with nearly 50% more web traffic and a 24% share of the UK electronics market, Currys is “taking meaningful share” across all measured categories.
Panmure believes Currys' strategic focus on services, cost efficiency and new product areas leaves it well placed for earnings growth.
The broker maintains a 200p target price and said long-term growth assumptions are conservative, with an upside scenario where like-for-like sales grow around 5%, the potential equity upside is "far higher" than its current target suggests.