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Restaurant Group upgraded by JP Morgan

26 May 2017 14:06

JP Morgan Cazenove has upgraded its recommendation on Restaurant Group (LON:RTN) to overweight (from neutral) on the back of its first-quarter trading update, which highlighted better than expected like-for-like sales for the first 20 weeks of the year.

The City heavyweight said: "Shares in TRG have lost 17% since 10 March.

"FY18E EV/EBITDA is now 6.7x with a FCF yield of 7.6% and a dividend yield of 5.5% (on our unchanged estimates).

"Despite the risks, this appears too cheap to us and we upgrade as a result."

Its target was raised to 380p per share (from 340p).

At 2:06pm: (LON:RTN) Restaurant Group The PLC share price was +31.15p at 348.55p

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