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On Monday, RBC Capital analysts downgraded Dunelm Group PLC (LSE:LON:DNLM) stock from Outperform to Sector Perform. The decision reflects concerns about the company’s current valuation.
The analysts set a new price target of £11.75 for Dunelm shares. They acknowledged the company’s strong cash generation and successful execution in recent years. However, they believe these factors are now adequately reflected in the stock’s valuation.
Dunelm’s share price has increased by more than 20% over the past three months. Despite this growth, the analysts noted that investors may have to wait until early 2026 for improvements in gross margins and additional cash returns.
The downgrade also comes amid softer trends in the housing market, which the analysts believe could limit Dunelm’s upside compared to its sector peers.
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