A Goldman Sachs upgrade to buy from neutral helped Premier Foods put on 3.75p to 61.5p. The broker reckons the valuation is undemanding on an unlevered basis and attractive on an equity basis. It lifted its six-month target price to 90p from 75p.
The pair's fierce rivalry may concern investors though, as it may drive them to a price war and overspending on sports rights, depressing profit margins. BT spent nearly £900m to beat BSkyB for the Champions League broadcasting rights in 2015-16, and may well bid for the Premier League rights later this year.
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