Source - SMW
Research analysts at HSBC have downgraded their recommendation on high street fashion retailer Debenhams (LON:DEB) to 'reduce' from 'hold', highlighting that long-term structural concerns remain, despite the upcoming arrival of new Chief Sergio Bucher (ex-Amazon Fashion Europe, Puma, Nike, Inditex).

It says that the third quarter slowdown looks set to continue into the fourth quarter causing a risk to earnings and has duly lowered its pre-tax profit estimates from 2016 to 2018 by between 1 and 8 per cent.

Nevertheless, HSBC has upped its target price to 55 pence per share (from 53 pence).

At 2:31pm: (LON:DEB) Debenhams PLC share price was -2.4p at 61.65p