Barclays cuts Dr Martens price target
By Michele Maatouk
Date: Monday 05 Jun 2023
(Sharecast News) - Barclays cut its price target on Dr Martens on Monday to 175p from 210p.
The bank said: "Dr. Martens has disappointed investors again, and whilst we may be overlooking as yet unannounced problems, brand strength does seem robust."
It said the US distribution centre issues may be sorted, but execution of the US D2C strategy is now critical.
Barclays downgraded its FY24/25 earnings per share estimates by 12/11% taking it 16/13% below Bloomberg consensus.
Barclays maintained its 'overweight' rating on the stock.
At 1545 BST, the shares were down 3.1% at 135.50p.
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