MARKET TALK: Panmure Trims Debenhams Price Target

0908 GMT [Dow Jones] Panmure Gordon trims Debenhams (DEB.LN) target to 58p from 68p following the company's results and conference call. Says this reflects lower medium to long-term profit expectations. "Longer-term, we have reined in our top-line growth expectations, in particular, partly due to expectations of higher public sector unemployment, which results in a lower DCF valuation." Says the valuation also takes into account a lower effective tax rate from '11 onwards due to corporation tax changes. Continues to prefer Next (NXT.LN), which it rates at buy. Has Debenhams at hold. Shares +1.9% at 56p. (michele.maatouk@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 02, 2010 05:08 ET (09:08 GMT)