Arbuthnot could revise its target price for Punch Taverns upwards if this week’s interims prove positive on Wednesday.
The current target price remains at 200p, an 11% upside.
But Dresdner Kleinwort Wasserstein has initiated a “reduce” rating, suggesting investors switch out of the tenanted pubs division and into managed pubs. Investec and HSBC also say “reduce” or “sell”.
The City is looking for pre-tax profits of about £52m on sales of £220m.
The Independent on Sunday says Punch could be on the lookout for smaller parts of the Mitchells & Butlers estate.
The Business 20/04/03 page 23
The Independent on Sunday 20/04/03 page 4 (Business – The week ahead)
The current target price remains at 200p, an 11% upside.
But Dresdner Kleinwort Wasserstein has initiated a “reduce” rating, suggesting investors switch out of the tenanted pubs division and into managed pubs. Investec and HSBC also say “reduce” or “sell”.
The City is looking for pre-tax profits of about £52m on sales of £220m.
The Independent on Sunday says Punch could be on the lookout for smaller parts of the Mitchells & Butlers estate.
The Business 20/04/03 page 23
The Independent on Sunday 20/04/03 page 4 (Business – The week ahead)
