UK's Premier Foods hits 13-year high as Barclays upgrades to 'overweight'

Premier Foods

10/10/2024 10:39

** Shares of Premier Foods  PFD.L  jump as much as 2% to
186.2 pence, their highest since June 15, 2011
    ** At 0928 GMT, shares up 0.55% at 183.6 pence
    ** Barclays upgrades stock to "Overweight" from "Equal
Weight", hikes PT to 207 pence from 143 pence
    ** Brokerage says Premier Foods stands to benefit from lower
food inflation levels in the UK and its step-up in promotional
activity, M&A activity, new category and international expansion
could drive volume
    ** "Their strategy and execution over the last few years
give Premier credibility that they can continue to build on
their success as there are clear pathways to get there" -
Brokerage
    ** In July, Premier Foods reported a rise in first-quarter
sales on the back of strong branded sales growth, and maintained
its forecast for the year
    ** Up to yesterday's close, stock had risen 34.66% YTD

 (Reporting by Gokul Pisharody)
 ((Gokul.Pisharody@thomsonreuters.com))