ASSOCIATED BRITISH FOODS
Evolution Securities has upgraded its target price to 950p on its “buy” recommendation of ABF. Despite a recent rally, Evo said the company “still looks compelling value” with earnings forecast at 66p. It said all three of ABF’s largest divisions (Primark, Grocery and Sugar) are firing on all cylinders, and expects further upgrades later in the year.
Investec reiterated its firm “buy” recommendation on Booker, with an upgraded target price of 52p. While the broker believes revenues are unlikely to show strong progress in 2010, incremental improvements and encouraging performance in the wholesaler’s new operations in India give it a promising outlook in the medium term.
Execution has upgraded Aviva from “hold” to “buy”, claiming the company’s restructuring is likely to provide a catalyst for upgrades in the near term. It believes that the company’s international diversification will afford it a quicker return to growth than its peers, and management’s new, firmer stance on inefficiency could swell current EPS by more than 10 per cent.