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Booker upgraded by Goldman Sachs

18 May 2016 14:34

Goldman Sachs has upgraded its recommendation on Booker Group (LON:BOK) to buy from neutral ahead of the wholesaler's full year results, stating that it sees untapped value in the stock.

The City heavyweight highlighted that BOK is the most cash generative stock in its food retail coverage, has a proven track record of capital allocation and is able to expand profitability in a deflationary food environment, yet it has been the worst performer in its sector coverage since the beginning of the year.

Goldman added: "Given the stock's underperformance YTD, we see risks weighted to the upside. Beyond the results, we see any use of cash announcements as positive catalysts."

Analysts have upped their price target to 198 pence per share from 171 pence.

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