AB Food's Tailwinds Likely to Reverse Next Year -- Market Talk

Dow Jones08-27

0647 GMT - AB Foods' profit-recovery phase appears to be over, Deutsche Bank says in a research note, as it downgrades its share rating on the British food conglomerate to sell from hold. "We see the factors driving the FY24 [estimated] earnings upgrades are reversing as we look into FY25," analyst Adam Cochrane writes, citing a lack of leverage and increased investment in Primark, declining sugar profitability and grocery margin gains. This conservative forecast goes against the grain as most anticipate a better consumer outlook and falling bond yields will provide boons for AB Foods' results, "but we see companies better placed for these trends," the Deutsche Bank analyst says. (christian.moess@wsj.com)

(END) Dow Jones Newswires

August 27, 2024 02:54 ET (06:54 GMT)

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This conservative forecast goes against the grain as most anticipate a better consumer outlook and falling bond yields will provide boons for AB Foods' results, \"but we see companies better placed for these trends,\" the Deutsche Bank analyst says. 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