Associated British Foods (LON:ABF) Price Target Cut to GBX 1,600 by Analysts at Citigroup

Key Points

• Citigroup cut its price target on Associated British Foods from GBX 1,710 to GBX 1,600 and reiterated a sell rating, implying about a 12.5% downside from the stock's recent price.
• Multiple brokers (RBC, Deutsche Bank, JPMorgan, Jefferies) have lowered targets or downgraded ABF, leaving a MarketBeat consensus of Reduce with an average target of GBX 1,793 and a split of three Hold and three Sell ratings.
• Shares traded down about 2.5% to GBX 1,828.50 on Wednesday with below-average volume; the company has a market cap of £12.86bn and a P/E of ~12.9.

Associated British Foods (LON:ABF - Get Free Report) had its price objective reduced by investment analysts at Citigroup from GBX 1,710 to GBX 1,600 in a research note issued on Wednesday,London Stock Exchange reports. The firm presently has a "sell" rating on the stock. Citigroup's price target would suggest a potential downside of 12.50% from the company's current price.

ABF has been the topic of a number of other research reports. Royal Bank Of Canada downgraded Associated British Foods to an "underperform" rating and dropped their target price for the company from GBX 2,050 to GBX 1,850 in a report on Monday. Shore Capital Group reiterated a "hold" rating on shares of Associated British Foods in a report on Friday, March 27th. Deutsche Bank Aktiengesellschaft dropped their target price on Associated British Foods from GBX 2,100 to GBX 1,925 and set a "hold" rating on the stock in a report on Thursday, January 8th. JPMorgan Chase & Co. dropped their price objective on Associated British Foods from GBX 2,095 to GBX 1,940 and set a "neutral" rating on the stock in a report on Friday, January 9th. Finally, Jefferies Financial Group restated an "underperform" rating and issued a GBX 1,650 price objective on shares of Associated British Foods in a report on Friday, January 9th. Three investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Associated British Foods has a consensus rating of "Reduce" and an average target price of GBX 1,793.

Associated British Foods Stock Down 2.5%

Shares of ABF traded down GBX 47.50 during trading hours on Wednesday, reaching GBX 1,828.50. The company's stock had a trading volume of 1,415,886 shares, compared to its average volume of 6,002,406. The firm has a market cap of £12.86 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.51 and a beta of 0.84. Associated British Foods has a 1-year low of GBX 1,729.45 and a 1-year high of GBX 2,359. The company has a quick ratio of 0.93, a current ratio of 1.54 and a debt-to-equity ratio of 33.33. The company has a 50 day moving average of GBX 1,895.93 and a two-hundred day moving average of GBX 2,028.11.

About Associated British Foods

Associated British Foods is a diversified international food, ingredients and retail group with sales of £13.9bn, 128,000 employees and operations in 53 countries across Europe, Africa, the Americas, Asia and Australia. Our purpose is to provide safe, nutritious, affordable food, and clothing that is great value for money. With the breadth of our business, our brands and global reach, ABF aims to consistently deliver value to its stakeholders. Our business is split into five segments: Grocery; Sugar; Agriculture; Ingredients; and Retail.

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