Wagamama-owner Restaurant Group up; Jefferies forecasts higher rev growth

Restaurant

24/07/2023 13:05

** Shares of Restaurant Group  RTN.L  up as much as 8.18% at
42.3p
    ** Brokerage Jefferies raises target price to 60p from 50p
    ** Brokerage expects higher revenue growth as prices rise to
offset inflation
    ** Upgrades estimates for FY23/24/25 by 9%/8%/3%
respectively; adds, further upgrades possible if trading
momentum sustains
    ** Telegraph reported on Sunday that activist US investor
TMR Capital considering bid for co's pub and casual dining arms
    ** "The involvement of activist investors is likely to
continue highlighting the lowly valuation, as well as strategic
opportunities" - Jefferies
    ** If gains hold, set to post biggest single-session gain in
almost three weeks
    ** As of last close, stock up over 25% this year


    
   

 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))