AB Foods' Primark to Face Lackluster Comparable Sales Growth
Dow Jones09-03
1000 GMT - Primark owner Associated British Foods faces structural headwinds, Citi analysts write. Primark--which is expected to be spun off from the group by the end of next year--is likely to face lackluster like-for-like sales growth, while the sugar unit will face persistent risks from price volatility, the analysts say. AB Foods--home to the Twinings and Patak's brands--is also exposed to various declining grocery categories. It is due to report a trading update on Sept. 10. Citi raises its target price to 15.50 pounds from 13.30 pounds and keeps its sell rating on the stock. Shares are up 1.5% at 20.61 pounds but down 3.10% over the year to date.
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