Just been tipped on Thursday for a target of 350p ... considerably undervalued!

There is an albeit indicative offer of 340.50 from the management, so why is this stock trading at around 313p - aound 8.5 % lower ? This is backed up by a dividend yield of 4.3 % if things don't go to plan

The recent update from Peacock was upbeat in an otherwise tough market place. Is there something I'm missing ?

This from todays Daily Stockmarket Report from UK Analyst :

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In a note headed "Will Peacocks be the New Arcadia?" Evolution's retail guru Nick Bubb said the way in which retailers like Arcadia and New Look were allowed to be bought too cheaply ought to make investors wary of the management buy out being planned by Peacocks.

However, Bubb said that, in the current gloomy climate, most investors would be pleased if the planned buy out bid went ahead at the indicated 400 million pounds or 340p a share.

He said that the PR spin was that this would be a better rating than the exit price of New Look - but he pointed out that the backers of New Look actually profited handsomely. Bubb said that he was maintaining an "add" view on the shares and said that he still thought that it was worth at least 375p, though the overnight close of 313p indicated that others were not convinced.

It is still unclear what stage the management buy out had reached, but Bubb said he assumed that due diligence would be wrapped up soon and that the bid will be announced with the interims early next month. The shares lost 0.25p to 312.75p.
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Does anyone have a copy of the full note available?