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Maisons du Monde: Jefferies ups target to 44 euros.

(CercleFinance.com) - US broker Jefferies has welcomed upbeat sales figures published by Maisons du Monde, the distributor specialising in interior design, coupled with management's increased forecasts.

Maintaining their buy rating on the stock, analysts have raised their target price from 36 euros to 44 euros (+22.2%).

In spite an unfavourable comparison basis, Maisons du Monde has once again outperformed its market, posting strong organic sales growth of 10% in Q3, against the consensus of just 6.3% and 4% expected by Jefferies, with growth reaching 9% over the first nine months. This outperformance has been driven by France, and particularly by international sales, while independent players still represent two-thirds of the group's market.

In particular, Maisons du Monde's management has raised its FY 2017 organic growth forecast to around 7%. This seems conservative, as the last quarter of the year represents about a third of total FY turnover, Jefferies says, which itself expects annual growth of 8%.

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