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May 7 2025, 07:00 IST/BST
Associated British Foods
Model update: Sugar-driven downgrades
- Sectors : Foods
- Companies : Associated British Foods
DAVY VIEW
We are lowering our FY25 and FY26 adjusted operating profit forecasts by 5.5% and 4.7%, respectively, largely reflecting deeper and more prolonged weakness than previously anticipated in the Sugar division. Our confidence in the medium-term trajectory of Primark’s like-for-like growth has also moderated relative to earlier assumptions; combined, these factors support a revised share price target of £25 (previously £31.20).
