The only homegrown stock it wasn’t all-out positive on was AB Foods (LON:ABF), the owner of the Primark clothing group. It has initiated coverage on ABF with a ‘hold’ call and a GBP22 price target.
In a note to clients, Deutsche said: “We prefer online [to] offline, marketplace [to] mono-brand retail and believe platform monetisation is key for profit growth.
“We have created a structural framework supported by proprietary data from our DBdig team including analysing warehouse activity, social media analysis and consumer surveys.
“For shorter-term trends we predict quarterly sales based on warehouse activity as well as longer-term predictions for the global retailers based on sales-weighted GDP forecasts.”