Jefferies downgraded Next plc (NXGPF) to Hold from Buy with a price target of 14,000 GBp, up from 13,000 GBp. The firm cites the stock’s multiple re-rating year-to-date along with the “muted” retail UK spending environment for the downgrade. Jefferies is taking a more cautious view on UK retail, seeing a “disconnect between market optimism and consumer confidence.”
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