Broker snap: 'Exceptional performance' by Next, says Prime Markets

Prime Markets reiterated its buy rating on Next following the retailer's third quarter statement, saying that the firm has delivered an "exceptional performance in a challenging year".The group announced that third quarter sales rose by 3.3%, as accelerating growth in Directory sales offset a decline in Retail in-store sales.Prime Markets' head of dealing Richard Curr said, "Evergreen retailer and sector bellwether Next has delivered an exceptional performance throughout 2011, not only showing remarkable resilience during the August crash, but delivering an exceptionally strong recovery after that."The broker expects the stock to re-test the late-September/early-October upper resistance level of 2,750p."The reiteration of full year guidance on sales and the increase in profits guidance should reassure even the most cynical of retail sector observers," Curr said.Next was among the best performers on the FTSE 100 on Wednesday, trading 3.7% higher at 2,652p by 11:44.BC