Morrison: shares up strongly on broker upgrade
(CercleFinance.com) - Wm Morrison Supermarkets shares are up over 2% today after UBS upgraded the stock one notch to "buy," expecting a margin turnaround at the retailer.
The British supermarket group should be the key beneficiary of growth slowing sharply at rival discounters, the broker said, which has consequently raised its estimates 15% above the consensus.
UBS has also raised its target price for the Morrison share to 300 pence from 225 pence.
The London-listed shares are up 2.1% at 262.2 pence after these positive comments.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The British supermarket group should be the key beneficiary of growth slowing sharply at rival discounters, the broker said, which has consequently raised its estimates 15% above the consensus.
UBS has also raised its target price for the Morrison share to 300 pence from 225 pence.
The London-listed shares are up 2.1% at 262.2 pence after these positive comments.
Copyright (c) 2018 CercleFinance.com. All rights reserved.