J P Morgan Chase & Co Reiterates Overweight Rating for Associated British Foods (ABF)
Associated British Foods (LON:ABF)‘s stock had its “overweight” rating restated by J P Morgan Chase & Co in a research note issued to investors on Tuesday. They presently have a GBX 3,600 ($48.45) target price on the stock. J P Morgan Chase & Co’s target price indicates a potential upside of 22.62% from the stock’s current price.
A number of other brokerages have also recently commented on ABF. Deutsche Bank reiterated a “buy” rating and issued a GBX 3,500 ($47.11) price target on shares of Associated British Foods in a research note on Tuesday, November 21st. Morgan Stanley cut shares of Associated British Foods to an “equal weight” rating and increased their price target for the company from GBX 2,800 ($37.69) to GBX 3,100 ($41.72) in a research note on Tuesday, November 28th. Liberum Capital reiterated a “buy” rating and issued a GBX 3,150 ($42.40) price target on shares of Associated British Foods in a research note on Tuesday, November 7th. Credit Suisse Group reiterated an “outperform” rating and issued a GBX 3,600 ($48.45) price target on shares of Associated British Foods in a research note on Tuesday, September 19th. Finally, reiterated a “buy” rating and issued a GBX 3,700 ($49.80) price target on shares of Associated British Foods in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of GBX 3,415.90 ($45.97).
Shares of Associated British Foods (ABF) opened at GBX 2,936 ($39.52) on Tuesday. Associated British Foods has a 12 month low of GBX 2,335 ($31.43) and a 12 month high of GBX 3,387 ($45.59).
Associated British Foods (LON:ABF) last announced its quarterly earnings results on Tuesday, November 7th. The company reported GBX 127.10 ($1.71) EPS for the quarter, beating analysts’ consensus estimates of GBX 125.90 ($1.69) by GBX 1.20 ($0.02). The firm had revenue of GBX 1,535.70 billion during the quarter. Associated British Foods had a net margin of 7.01% and a return on equity of 12.97%.
In related news, insider John Bason sold 21,716 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of GBX 3,043 ($40.96), for a total transaction of £660,817.88 ($889,391.49).
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Associated British Foods Company Profile
Associated British Foods plc is an international food, ingredients and retail company. The Company’s segments include grocery, sugar, agriculture, ingredients and retail. Its geographical segments include the United Kingdom, Europe and Africa, the Americas and Asia Pacific. The grocery segment manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products, which are sold to retail, wholesale and foodservice businesses.
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