JPMorgan upgraded Dunelm (DNLMY) to Overweight from Neutral with a price target of 1,225 GBp, down from 1,240 GBp. The company has had a somewhat rocky start to 2026, with disappointing Q2 sales, and concerns over the second half phasing sending the stock down 15% year-to-date, the analyst tells investors in a research note. JPMorgan adds however that Dunelm has one of the highest free cash flow yields in its coverage at about 11%, with expectations now having also somewhat re-based.
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