Greene King has seen its rating raised by two brokers in the last two days, following the release of its half-year figures. Yesterday the brewer and pubs group owner reported an increase of 10% in pre-tax profits of £38.6m (US$67m) for the 24 weeks to 19 October.
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Panmure, part of WestLB investment bank, yesterday raised its stance on Greene King to ‘buy’. Reuters reports the brokerage as saying: “Greene King has a resilient record under varying conditions, and offers attractive upside based on our upgraded forecasts.”
Altium Capital also raised its rating today to ‘add’ from ‘hold’, citing the company’s impressive margins. The broker raised its target price on the group’s stock to 900 pence from 850p.
Panmure, meanwhile, cut its rating on Enterprise Inns to ‘neutral’ at the same time, saying that the pub operator’s stock was close to its target price of 1,050 pence following its strong performance.
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