Associated British Foods (ABF) Earns "Overweight" Rating from Barclays

The abolition of the European Union’s strict sugar quotas boosted production across the continent sending prices south

The abolition of the European Union’s strict sugar quotas boosted production across the continent sending prices south

Barclays reiterated their overweight rating on shares of Associated British Foods (LON:ABF) in a report released on Friday morning.

That held back group revenues, which were up a slender 2pc to £7.4bn in the period despite solid growth in ABF's other divisions. Royal Bank of Canada reissued a sector performer rating and issued a GBX 3,100 ($44.39) price objective on shares of Associated British Foods in a research report on Monday, January 8th. Finally, UBS restated a neutral rating and set a GBX 3,150 ($45.10) target price on shares of Associated British Foods in a research note on Monday, February 26th. Deutsche Bank restated a buy rating on shares of Associated British Foods in a research note on Friday, April 6th. Five analysts have rated the stock with a buy rating, Associated British Foods now has a consensus rating of Buy and an average target price of $40.00. The company has a consensus rating of Buy and a consensus target price of GBX 3,355.38 ($47.43).

Shares of ABF stock traded down GBX 37 ($0.53) on Friday, reaching GBX 2,583 ($36.98). 39,195 shares of the company's stock were exchanged, compared to its average volume of 12,708.

Profits at Primark owner Associated British Foods fell in the first half of its financial year as the cut-price clothes chain's strong performance was offset by declines in its sugar business.

In other news, insider Ruth Cairnie bought 876 shares of the stock in a transaction that occurred on Thursday, February 9th. The stock was acquired at an average price of GBX 2,716 ($38.89) per share, for a total transaction of £203,700 ($291,666.67). If you are viewing this story on another domain, it was stolen and republished in violation of USA and worldwide trademark and copyright law.

Associated British Foods plc is an global food, ingredients and retail company. It operates through five segments: Grocery, Sugar, Agriculture, Ingredients, and Retail. The grocery segment manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products, which are sold to retail, wholesale and foodservice businesses.