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ASSOCIATED BRITISH FOODS
Numis has upgraded to “hold” from “reduce”, but cut the target price to 2,496p from 2,572p. The broker has slightly reduced forecasts, but still believes positives include the growth record of Primark, a strong balance sheet, and lack of major trading issues aside from the sugar division.
Canaccord Genuity has maintained its “buy” rating, but increased the target price to 325p from 305p. The broker believes first-half results showed strong profitability, with Telit also investing heavily recently, which should support strong revenue growth over the next two to five years.