Citi reiterates 'buy' on 3i Group, lifts price target
Citi lifted its price target on on Tuesday to 4,850 from 4,670p, mainly due to FX, and reiterated its 'buy' rating following the filing of Dutch retailer Action's 2024 annual report.
"New disclosure suggests meaningful revenue upside from Germany," Citi said. "It also shows Action's best-in-class working capital dynamics improved in 2024."
Citi said it finds evidence of downtrading among more affluent customers, while new data shows store sizes are largely unchanged.
3i Group holds a majority stake in Action.
At 1030 BST, the shares were up 4.4% at 4,076.00p.
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