Motor accessories specialist Halfords’ shares may now have now hit a floor and offer good value, according to Singer analyst Mark Photiades.

Recent profit downgrades should “create a floor for estimates”, he said. He retained his buy recommendation and argued: “We believe Halfords remains a fundamentally sound business with domestic good growth opportunities and the model is far from broken.”

Although Halfords began the financial year just ended with optimism following the acquisition of Nationwide Autocentres, the retailer has subsequently suffered various setbacks.

In August last year the bikes and car parts retailer suffered supply chain issues as a result of snags in its new distribution centre.

In its fourth quarter, Halfords’ like-for-likes fell 6.8%, which was “worse than expected”, according to Photiades.

But he said: “At current levels the shares offer good long-term value and we retain our buy rating with a reduced target price of 455p.”