Broker snap: NWF downgraded by Peel Hunt after strong run

Final results from agricultural supplier NWF Group beat expectations, but Peel Hunt downgrades its rating on the stock, saying that the new revised target price reflects current market valuations."Results were ahead of expectations, with profit before tax up 7% to £7.6m, versus our forecast of £7.3m," said analyst Charles Hall. "Outperformance was largely in the feed business. The key news from the results was the recovery coming through in the Food division."Despite being "increasingly optimistic of outperformance", the broker notes that the shares have had a strong run since June (+18%) and are now trading close to its revised target price of 130p (140p previously).The recommendation moves from buy to hold.At 12.51am, shares were 0.38% lower at 131.50p.BC