…and some to hold, avoid or sell

British Land The Times

The commercial property firm is “flush with cash”, but the market looks due a correction. Tesco and Sainsbury’s sites comprise nearly 10% of British Land’s book, giving worrying exposure to any consumer slowdown. Sell. 624.50p.

Halfords Investors Chronicle

The bicycle retailer had a robust first half, but squeezed margins suggest vulnerability to a low pound. Cracks are showing in the autocentres arm, and strategic leadership has been lacking since CEO Jill Mcdonald left. Sell. 334p.

National Grid The Times

National Grid enjoys a reputation as a safe haven stock, but regulatory risks may weigh on the share price. Watchdog Ofgem is under increasing pressure to deliver a “tougher regime” that could hit returns. Hold. 945.50p.

N Brown Group Investors Chronicle

The plus-size fashion specialist faces a compensation bill of up to £40m for selling customers flawed insurance products. Underlying trading remains strong, but cash flow, postBrexit, is a worry, and shares may be vulnerable. Sell. 211p.

Paddy Power Betfair Sharecast

The bookie’s market dominance, strong balance sheet and exposure to online sports betting bode well for the future. But a recent lacklustre performance, and a worsening regulatory outlook, raise shortterm concerns. Sell. £69.70.

Pearson The Daily Telegraph

The market is confused by the educational publishing firm’s decision to sell part of its stake in Penguin Random House. Given profit warnings and an expected dividend cut, wait for August’s interim results to reassess. Avoid. 631.5p.