Broker snap: Panmure downgrades Fuller's

Panmure Gordon has nudged up its price target for London based brewer and pubs group Fuller, Smith and Turner but with the share price now not far south of the new target the broker has turned neutral on the stock.The broker has upgraded its current year earnings estimates by around 2% after better than expected results from Fuller's last week and pushed up its price target to 620p from 614p. The rating is shifted down to "hold" from "buy"."Fuller's shares responded positively to the full-year results and with just 8% potential total shareholder return, we downgrade our recommendation to Hold. In the pub sector we prefer Punch Taverns (Buy, 113p PT [price target]), Mitchells & Butlers (Buy, 369p PT) and Wetherspoon (JD) (Buy, 594p PT). Wetherspoon (J.D) Fuller Smith & Turner Mitchells & Butlers