Analysts have nudged their central fair value estimate for NEXT up from £142.72 to £146.07, while also refining key inputs such as the discount rate and revenue growth outlook. This shift reflects a mix of optimism and caution in recent research, with higher targets clustered around the current range and a clear split between those expecting more upside and those who think a lot is already priced in. Stay tuned to see how you can keep on top of these changing targets and the evolving narrative around NEXT.

Analyst Price Targets don’t always capture the full story. Head over to our Company Report to find new ways to value NEXT.

🐂 Bullish Takeaways

• Berenberg, through analyst Anne Critchlow, has taken one of the more optimistic stances, with a price target that moved from £147.00 to £178.00 and then to £180.00, alongside a Buy rating. This signals confidence in how NEXT is executing.

• Morgan Stanley analyst Grace Smalley also sits in the more positive camp, with an Overweight rating and a target raised from €140.00 to €150.00. This points to support for the company’s current positioning and growth prospects.

• Across these bullish views, analysts appear to reward consistent execution, cost control and the company’s ability to sustain growth momentum. At the same time, they acknowledge ongoing debates around how much upside is already reflected in the share price.

🐻 Bearish Takeaways

• Citi analyst Monique Pollard keeps a Neutral rating while moving the target from £123.00 to £139.00, and JPMorgan also maintains a Neutral rating with a target change from £117.00 to £130.30. Both signal a more cautious stance on further upside.

• These Neutral calls often reflect reservations about valuation and the idea that a meaningful part of the positive story may already be priced in, even if they still acknowledge solid execution and operating discipline.

• The split between Buy and Neutral ratings highlights that, while many analysts see NEXT as a well run retailer, some are more guarded about near term risks and the scope for additional re rating from here.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

• NEXT is reported to be weighing a low ball bid for LK Bennett, with any potential transaction expected to focus on acquiring the brand and digital operations rather than the remaining store estate.

• The company updated its 2025/2026 guidance, now pointing to NEXT full price sales of £5,603 million, Total Group sales of £6,971 million and post tax EPS of 738.8 pence, compared with earlier guidance of £5,552 million, £6,870 million and 729.4 pence.

• NEXT also set out guidance for 2026/2027 that includes NEXT full price sales of £5,855 million, Total Group sales of £7,261 million and post tax EPS of 770.4 pence, assuming no share buybacks.

• The company has said that, if there are no acquisitions or further buybacks, it plans to return remaining surplus cash via a special dividend at the end of January 2026 of around £3.10 per share and has scheduled a Special or Extraordinary Shareholders Meeting for 15 January 2026 at the Leicester Marriott Hotel in the United Kingdom.