Associated British Foods (LON:ABF) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Associated British Foods shares crossed above their 200-day moving average, reaching GBX 1,935 before closing at GBX 1,923.50 on volume of 558,035 shares.
• Analyst sentiment remains cautious: five analysts rate the stock “Hold” and two rate it “Sell,” resulting in an average “Reduce” rating and an average price target of GBX 1,782.14.
• The company has a £13.43 billion market capitalization and trades at a P/E ratio of 14.43; its shares were down 0.7% and remained near both their 50-day and 200-day moving averages.

Associated British Foods plc (LON:ABF - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of GBX 1,923.51 and traded as high as GBX 1,935. Associated British Foods shares last traded at GBX 1,923.50, with a volume of 558,035 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Associated British Foods from GBX 1,700 to GBX 1,645 and set a "neutral" rating on the stock in a research report on Friday, September 11th. UBS Group reiterated a "neutral" rating and issued a GBX 2,050 price objective on shares of Associated British Foods in a research note on Friday, June 26th. Citigroup cut their price objective on shares of Associated British Foods from GBX 1,550 to GBX 1,520 and set a "sector perform" rating for the company in a report on Wednesday, September 23rd. Shore Capital Group reissued a "hold" rating and issued a GBX 1,910 price objective on shares of Associated British Foods in a report on Tuesday, October 6th. Finally, Jefferies Financial Group restated an "underperform" rating and set a GBX 1,650 target price on shares of Associated British Foods in a research report on Wednesday, July 1st. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of GBX 1,782.14.

Associated British Foods Stock Down 0.7%

The company has a market capitalization of £13.43 billion, a P/E ratio of 14.43, a PEG ratio of 1.51 and a beta of 0.81. The company has a current ratio of 1.51, a quick ratio of 0.93 and a debt-to-equity ratio of 32.63. The stock has a 50 day moving average price of GBX 1,932.39 and a 200 day moving average price of GBX 1,923.51.

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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