Punch Taverns raised to buy from sell at Panmure Gordon, target price lifted to 100p from 71p
By BFN News | 08:48 AM | Tuesday 13 April, 2010
Panmure Gordon upgrades Punch Taverns ahead of the company's interim results on April 22.
The broker says, 'We think the group will be able to demonstrate stabilisation in the leased pub business.
'We still have concerns over the performance of the managed pub business; however, we think the appointment of a new CEO with managed pubs experience would be a positive catalyst for the shares.
'There are still significant risks attached to investing in Punch Taverns but we believe the risk/reward profile is now attractive enough to revise our recommendation.'
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