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Premier Foods downgraded by Jefferies

25 October 2016 13:51

Equity research analysts at Jefferies have downgraded their investment rating on Premier Foods (LON:PFD) to 'hold' from 'buy', believing there could be "choppy waters ahead" for the FTSE 250 group.

The broker added: "Room for manoeuvre on the P&L is limited, as the Q2 course correction demonstrates.

"A take-out would be an upside from here, but with the shares up 50% on pre-McCormick levels, we move to the sidelines."

Jefferies has cut its target to 50 pence per share (from 60 pence).

At 1:51pm: (LON:PFD) Premier Foods PLC share price was -1.75p at 44.25p

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