Associated British Foods (LON:ABF) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Associated British Foods shares have recently surpassed the 200-day moving average, indicating a potential bullish trend in the stock with a recent trading price of GBX 2,239 ($30.06).
• Deutsche Bank has downgraded the stock from a "hold" rating, adjusting the target price down to GBX 2,000, while Shore Capital maintains a "buy" rating.
• The company, with a market cap of £15.93 billion, operates in 53 countries and reported annual sales of £13.9 billion.

Associated British Foods plc (LON:ABF - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 2,109.58 ($28.32) and traded as high as GBX 2,245 ($30.14). Associated British Foods shares last traded at GBX 2,239 ($30.06), with a volume of 906,161 shares traded.

Analyst Ratings Changes

ABF has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft upgraded Associated British Foods to a "hold" rating and cut their target price for the stock from GBX 2,130 to GBX 2,000 in a report on Wednesday, September 24th. Shore Capital restated a "buy" rating on shares of Associated British Foods in a research note on Thursday, September 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of GBX 2,150.

Associated British Foods Trading Up 1.0%

The firm has a market capitalization of £15.93 billion, a P/E ratio of 1,262.83, a PEG ratio of 1.51 and a beta of 1.24. The firm has a 50 day simple moving average of GBX 2,142 and a two-hundred day simple moving average of GBX 2,109.58. The company has a debt-to-equity ratio of 32.88, a quick ratio of 0.93 and a current ratio of 1.78.

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.

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