GNK31 Jul 2012 19:20
It's time for investors in pub group Greene King to stop filling their glasses, according to Liberum Capital analyst Patrick Coffey, who called last orders on his stock recommendation and cut the company to “hold” from “buy”. “Having rallied strongly over the last two months, we believe the shares are likely to pause for breath,” Mr Coffey said, although he boosted his target price to 593p from 575p. Indeed, the stock has had a good run, climbing 24% since the start of June. Greene King also reported a 7% increase in full-year pre-tax profit last month, bolstered by growth in food sales. However, Liberum’s change of heart put pressure on the pub group and the stock slipped 3½ to 607½p, The Telegraph reports.