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ABF Falls as UBS Cuts Earnings Per Share Forecast -- Market Talk

22 Nov 2017 12:48 pm

1248 GMT - Shares in Associated British Foods PLC drop, topping the list of FTSE 100 Index fallers after UBS downgrades its 2018 earnings forecasts on the food ingredient supplier and owner of clothing chain Primark. The Swiss investment bank reduces its earnings per share estimate for the year to September 2018 by about 1% to 135 pence from 136 pence, with the impact of lower sugar profit not fully offset by a 2% upgrade to Primark profit. Still, UBS, which has a neutral rating on ABF, notes that the company had an excellent 2017 and Primark has plenty of scope for expansion. It increases its price target to 3150 pence from 2900 pence. Shares in ABF fall 1.36% to 3055 pence. (philip.waller@wsj.com)

(END) Dow Jones Newswires

November 22, 2017 07:48 ET (12:48 GMT)

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