Associated British Foods plc (ABF) Trading Up 1.3% Following Analyst Upgrade
Associated British Foods plc (LON:ABF) was up 1.3% during trading on Tuesday after J P Morgan Chase & Co raised their price target on the stock from GBX 3,300 to GBX 3,600. J P Morgan Chase & Co currently has an overweight rating on the stock. Associated British Foods plc traded as high as GBX 3,161 ($40.82) and last traded at GBX 3,142 ($40.58). Approximately 1,132,449 shares were traded during trading, an increase of 47% from the average daily volume of 770,833 shares. The stock had previously closed at GBX 3,103 ($40.07).
A number of other brokerages have also recently weighed in on ABF. Royal Bank Of Canada reaffirmed an “outperform” rating and set a GBX 3,500 ($45.20) price target on shares of Associated British Foods plc in a research report on Monday. Jefferies Group LLC reaffirmed a “buy” rating and set a GBX 3,600 ($46.49) price target on shares of Associated British Foods plc in a research report on Tuesday. Goldman Sachs Group, Inc. (The) lifted their price objective on shares of Associated British Foods plc from GBX 3,000 ($38.74) to GBX 3,200 ($41.33) and gave the company a “buy” rating in a research note on Thursday, May 18th. Barclays PLC reiterated an “equal weight” rating and set a GBX 3,150 ($40.68) price objective on shares of Associated British Foods plc in a research note on Tuesday, August 1st. Finally, Liberum Capital reiterated a “buy” rating and set a GBX 3,150 ($40.68) price objective on shares of Associated British Foods plc in a research note on Wednesday, July 12th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of GBX 3,290.53 ($42.50).
The stock’s 50-day moving average is GBX 3,142.08 and its 200 day moving average is GBX 2,888.81. The stock’s market capitalization is GBX 24.82 billion.
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About Associated British Foods plc
Associated British Foods plc is an international food, ingredients and retail company. The Company’s segments include grocery, sugar, agriculture, ingredients and retail. Its geographical segments include the United Kingdom, Europe and Africa, the Americas and Asia Pacific. 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.
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