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Greene King downgraded by N+1 Singer

07 October 2016 15:08

N+1 Singer has downgraded its recommendation on brewer and pub operator Greene King (LON:GNK) to 'hold' from 'buy', highlighting that "trading has been mixed for c.3 years and the anaemic 3 year EPS CAGR of 3% is uninspiring".

The broker added: "Until management can evidence a higher growth rate we feel the group should be viewed as a utility type stock with yield being the main attraction.

Analysts have cut their twelve-month target price to 800 pence per share (from 900 pence).

The shares are down almost 10 per cent in the past month and down 19 per cent since the beginning of the year.

At 3:08pm: (LON:GNK) Greene King PLC share price was -26.75p at 745.25p

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