Associated British Foods (ABF) Given "Overweight" Rating at Barclays

Cornelia Mascio
Aprile 17, 2018

Associated British Foods (LON:ABF)'s stock had its "overweight" rating reaffirmed by research analysts at Barclays in a research note issued on Friday. Barclays lowered their price target on Associated British Foods from GBX 3,380 ($47.77) to GBX 3,330 ($47.07) and set an overweight rating on the stock in a research report on Thursday, April 5th. Liberum Capital reiterated a buy rating and set a GBX 3,500 ($50.11) target price on shares of Associated British Foods in a research report on Monday, January 29th. Finally, Credit Suisse Group restated an "outperform" rating and set a GBX 3,700 ($52.98) price objective on shares of Associated British Foods in a report on Wednesday, January 10th. The stock has a consensus rating of "Buy" and an average target price of GBX 3,355.38 ($48.04).

Shares of ABF opened at GBX 2,583 ($36.98) on Friday. The company had a trading volume of 538,661 shares, compared to its average volume of 972,940. Associated British Foods has a one year low of GBX 2,476 ($35.45) and a one year high of GBX 3,387 ($48.50).

Associated British Foods left its annual outlook intact after falling first-half profit at the company's sugar business offset growth at Primark and other businesses, leaving the group result little changed. The stock was purchased at an average cost of GBX 2,716 ($38.89) per share, for a total transaction of £203,700 ($291,666.67).

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Associated British Foods plc operates as a diversified food, ingredients, and retail company worldwide.

Revenue for the group, which also includes the grocery, sugar, agriculture and ingredients businesses, edged up 3% at constant currency to £7.4mln. 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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