In the good books
ADAIRS (ADH) was upgraded to Add from Hold by Morgans
A 221% surge in online sales has helped to offset sales losses due to Adairs store closures, netting to total sales down -37% in five weeks, Morgans notes. Stores are set to progressively reopen over May-June, and liquidity is sufficient to ensure no intention to raise capital. While earnings forecasting remains difficult, the company's liquidity position and online strength lead the broker to increase its target to $2.17 from $1.22, and upgrade to Add from Hold.