Currys Tops FTSE 250 After RBC Upgrade to ‘Outperform’

Shares in electronics retailer Currys (LON: CURY) surged to the top of the FTSE 250 on Tuesday after RBC Capital Markets upgraded the stock and raised its price target, declaring the company has moved beyond its recovery phase to become a “multiyear compounder.”

Currys shares climbed as much as 3.7% to close at 155.7p — making it the index’s standout performer of the session — after RBC analyst Richard Chamberlain upgraded the stock from “sector perform” to “outperform” and lifted the 12-month price target to 180p from 165p.

The bank cited stronger earnings momentum, improving margins and a dramatically healthier balance sheet as the key drivers. RBC raised its FY27 earnings per share forecast by 5% and now sits 6–8% above consensus for FY27–28, projecting adjusted EPS rising from 13.44p in FY26 to 16.40p by FY28.

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“Currys is transitioning from being a recovery play to a likely multiyear compounder with strong cash returns,” RBC said in its note to clients.

Central to the bull case is resilient trading across both of Currys’ key geographies. In the UK & Ireland, the retailer has captured 50 basis points of market share in the first 36 weeks of FY26, driven by growth in mobile, computing and appliances, while credit adoption has risen 200 basis points to 25%. Its mobile virtual network, iD Mobile, added subscribers at an 18% year-on-year rate to reach 2.6 million users — an asset RBC values at approximately £260 million.

In the Nordics, where incoming CEO Fredrik Tønnesen made his name, Currys holds the number-one position in each market. RBC also flagged a potential tailwind: both Sweden and Norway’s involvement in the World Cup is expected to boost TV sales.

Currys trades at 10.5x CY26 estimated price-to-earnings with a 2% dividend yield. RBC sets a downside scenario of 115p and an upside scenario of 225p, with the primary risks remaining macroeconomic.