Fashion retailer Next's trading model is still solid but prospects of a reduced profit stream from credit customers, the company's admission that UK Directory may now be ex-growth and lowered guidance on sales, will lead markets to reassess the potential for the stock, analysts at Canaccord Genuity wrote on Friday.Analysts David Jeary and Mark Photiades reiterated their belief that the shares should be a core holding, thanks to its philosophy of continual enhancement of the Next brand.While the lowered sales guidance is in line with management's conservative style, when combined the above factors mean that total shareholder returns (TSR) of 9% can be expected. That is attractive but well below the between 18% to 25% increases seen over the fiscal years 2011 to 2015.The analysts write that: "If such a TSR were to become the new normal, we believe the shares would likely struggle to maintain the traditional premium to sector and peers enjoyed over recent years."At 16.8 the stock now trades at a 10% premium to the sector's estimated calendar year 2015 price-to-earnings multiple.However, Directory overseas and its offering of premium third party brands both saw turnover increase by 24% in 2014.On the basis of all of the above the broker downgraded its view on Next to hold from buy even while maintaining its target price of 7,500p intact.