Morgan Stanley upgrades AB Foods to 'overweight'
Friday 17th February 2017
Morgan Stanley has upgraded Associated British Foods to ‘overweight’ from ‘equalweight’ and lifted the price target to 2,800p from 2,650p.
Although the bank has not materially changed its valuation for Primark, of about £15bn, it has increased its valuation for the sugar business to reflect improving prospects. This leads to the target price increase and with 12% implied upside potential, the bank has upped its rating on the stock.
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