ASSOCIATED BRITISH FOODS
Deutsche Bank rates the consumer group “sell” with a target price of 950p. The broker has downgraded its earnings per share forecast by two per cent thanks to falling sugar yields after the snow and margin pressure in some divisions. It also warns that Primark’s sales growth is continuing its slow-down.
RBS reiterates its “sell” rating on the fund manager with a raised target price of 244p. The broker was disappointed by Man Group’s quarterly fund flow figures, although funds under management came in just ahead of expectations. RBS has raised its earnings per share estimate by four per cent for the full year.
Numis rates the pizza chain “buy” with a target price of 675p. The broker expects an orderly handover when chief executive Chris Moore steps down in 2012, and predicts a very strong sales update on 15 February with pre-tax profit growth of around 27 per cent and under £10m of debts.