ETI ......Broker Upgrade3 Dec 2012 10:49
ETI ENTERPRISE INNS
03 Dec Enterprise Inns PLC ETI Deutsche Bank Buy 91.13 86.00 105.00 135.00 Upgrades
SP TARGET 135p
0737 GMT (Dow Jones] Deutsche Bank upgrades Enterprise Inns (ETI.LN) to buy from hold and target to 135p from 105p. Says stability in trading is now clearly visible. Even though Deutsche Bank forecasts FY 2013 pretax profit to be down a modest amount, looks for +0.5% growth in like-for-like net income, followed by +1% for FY 2014 and FY 2015. Says, "Over the next three years, we see lost profit from disposals being offset by lower net finance charges and the ability to reinvest around two-thirds of capex for growth as opposed to pure defence of the past five years." Shares closed at 86p Friday. (andrea.tryphonides@dowjones.com Twitter: @ATryphonides)