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Feb 13 2023, 07:10 GMT
Associated British Foods
Primark-driven upgrades
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
Primark’s price leadership model and retail proposition are driving market share growth in the UK. Improving sales densities are anticipated to positively impact margin rebuild at Primark through FY23 and FY24. Allied with a stronger performance in the Ingredients division, we raise our FY23 and FY24 EPS forecasts by 5.4% and 9.6% respectively. We also increase our share price target to £21.2, which implies c.10% upside.
