Broker snap: Video games seen driving HMV
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Investec Securities has raised its recommendation on HMV to 'hold' from 'sell', noting the music and DVD retailer's increased video game sales.
This trend could help to offset a structural decline in music sales, with DVD sales also helping to a lesser extent, the broker said.
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HMV last week reported a 10.1% rise in like-for-like sales in the 16 weeks ended 26 April and said it expects full-year profits before tax and exceptional costs to be towards the upper end of market expectations.
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