Best of the Brokers for 09 July 2015

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Panmure Gordon reiterated its “sell” rating on the food group, noting that while there is a positive investment case to be made based upon sustained roll out of Primark, the current valuation already implies double digit growth for the next decade at Primark “making it difficult to see further upside”.

Numis moved the private label products company from an “add” to a “hold” recommendation, following a market update from the firm which showed that trading is “still very tough”, with “no contract wins of note” in recent months. Target price has been reduced to 110p from 115p.