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Broker tips: Debenhams, Greene King, Glencore

Thu, 03rd Dec 2015 12:11

(ShareCast News) - Debenhams shares were under pressure on Thursday after Goldman Sachs downgraded the stock to 'sell' from 'neutral', pointing to slowing space growth."As one of the UK general retailers wrestling with the online channel shift dynamic, and in recent times suffering from store-based sales cannibalisation, while approaching the end of its UK space growth plans, Debenhams' earnings growth outlook is modest by European retail standards," it said.Goldman noted around 2% earnings per share growth over 2016/17 versus around 10% for peers.It said the group's Christmas trading statement in mid-January and the interim results in April 2016 should underpin the bank's earnings forecasts and cautious stance on the shares.GS has an 83p 12-month price target on Debenhams. Accounting adjustments and increased synergies will boost Greene King's profits in the medium-term, but not the company's cash-flows, Canaccord Genuity said.That followed the company's announcement that it would take a £325.6m provision to replace its "onerous" £50m lease provision for the +100 pubs which resulted from the March 2004 sale and leaseback from Texas Pacific.That led Parson to revise his forecasts for adjusted earnings per share in fiscal years 2016 and 2017 higher by 7.6% an 4.9%, respectively, to reach 69.0p and 75.7p.He also bumped up his estimate for 2018 adjusted EPS by 3.2% to 80.0p.However, the lion's share of the boost to earnings was solely the result of accounting fair value adjustments with no changes to cash-flow, the analyst emphasised.He left his 'buy' recommendation on the shares unchanged but increased his target price to 1,110p from 1,050p.RBC saw possible short-term catalysts for Glencore, but added that the outlook was 'mixed'.The shares should rally further as the commodities trader unveiled further asset sales and operational improvements, with a 10 December update serving as one potential catalyst, Tyler Broda and Alexandra Slattery said in a research note sent to clients.Indeed, the company was likely to announce more asset sales than had originally been targeted, which would help it to hold on to its investment grade credit rating through 2016 as long as the reference price for copper remained above a $2.10/lb.A credit downgrade to 'junk' was not out of the question, although it would not be the end of the world for Glencore, the analysts added.RBC initiated coverage on the stock at 'neutral' with a 100p target price.
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2 Feb 2017 09:34

BUZZ-Mitchells & Butlers: Bottom of FTSE 250 after Barclays cuts PT, rating

** Pub operator Mitchells & Butlers' shares down 4.7 pct, bottom of the FTSE 250, after Barclays cuts to "underweight", slashes PT to 220P from 375P ** Barclays concerned much of lfl sales growth is being achieved by either capex or price rises ** Analysts add although the National Li

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25 Jan 2017 08:52

UPDATE 1-Restaurant Group sales fall, UK cost warning hits shares

(Adds details, context, share price fall) Jan 25 (Reuters) - Restaurant Group's sales fell last year and the owner of the Frankie & Benny's chain warned on Wednesday that a hike in Britain's minimum wage will drive costs higher in 2017. Shares in Restaurant Group, which operates more

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19 Jan 2017 06:45

Restaurants and pubs enjoy strong festive trading, Coffer Peach finds

(ShareCast News) - UK pubs and restaurants enjoyed an equal uplift in trading over the Christmas and New Year period, as a bumper six weeks for London drove a second consecutive month's improvement. Data on the largest managed pub and restaurant groups over the six weeks to January 8 found a collect

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15 Dec 2016 09:48

Pubs and restaurants bounce led by London, Coffer Peach survey finds

(ShareCast News) - London led a rebound for the eating and drinking out sector in November, with good growth in pub sales and a return to annual growth for restaurants, but it was a case of glass-half-full outside the capital. The Coffer Peach Business Tracker found November like-for-likes sales gre

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14 Dec 2016 20:59

CORRECTED-UPDATE 3-Heineken in bid battle for Punch Taverns

(Corrects to show Heineken splitting portfolio with investment partner Patron; paragraphs 1, 10, 11) * Heineken, Patron vs Alan McIntosh in $400 mln takeover * Heineken already has a pub business with good margins * Suitors have until Jan. 11 to make official bids By Marti

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7 Dec 2016 09:33

BROKER RATINGS SUMMARY: Credit Suisse Raises Rio Tinto And Cuts BHP

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1 Dec 2016 09:31

BROKER RATINGS SUMMARY: Credit Suisse Raises BP To Outperform

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30 Nov 2016 08:23

Greene King's consumer and cost worries overshadow pub profits

(ShareCast News) - First half profits at Greene King bubbled higher thanks to tasty organic growth and the first seven weeks from the acquired Spirit pubs business, but the brewer served up a side order of caution about rising consumer and cost pressures. As well as noting the "demand challenges" of

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30 Nov 2016 07:53

TOP NEWS: Greene King Says Spirit Pub Synergies Year Ahead Of Schedule

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23 Nov 2016 16:10

UK Earnings, Trading Statements Calendar - Next 7 Days

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13 Oct 2016 14:41

Thursday newspaper share tips: Marston's, Greene King, Monks

(ShareCast News) - Investors' worries about the impact which inflation will have on Marston's and Greene King are overstated and the shares are cheap, The Times's Tempus said. They are well-positioned in the market, well-funded relative to their peers and their brewing operations are proving success

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15 Sep 2016 09:27

Pubs outdo restaurants again in August, Coffer Peach data shows

(ShareCast News) - UK large pub and restaurant groups enjoyed better sales in August as Britain took advantage of better weather to eat and drink out. There was a 0.6% increase in like-for-like (LFL) sales at managed pubs, bars and restaurants, up from 0.3% last month, according to the monthly Track

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13 Sep 2016 12:50

Greene King to move Spirit pub employees away from zero-hour contracts

(ShareCast News) - UK based pub retailer and brewer Greene King has announced that it is going to move workers from its acquired Spirit pubs off zero-hour contracts, according to a report by The Guardian. The company had already moved its staff away from zero-hour contracts before acquiring Spirit i

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9 Sep 2016 16:24

Britain's FTSE sees biggest weekly decline since May

* FTSE 100 down 1.2 pct * Broad-based decline across most sectors * Banks extend post-ECB rally * Bunzl, Burberry fall after downgrades * Mid-cap pub operators in focus after results (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets

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9 Sep 2016 11:35

UPDATE 1-Wetherspoon upbeat as Greene King delivers post-Brexit warning

(Recasts, adds Wetherspoon Chairman comment, analysts, share price reaction, context) By Rahul B Sept 9 (Reuters) - Pub operator J D Wetherspoon gave an upbeat evaluation of its post-Brexit prospects on Friday, even as a trading update from rival Greene King cast a nervous eye towards

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