Numis has downgraded its recommendation on Associated British Foods (LON:ABF) to 'hold' from 'add' following the Primark owner's latest update.
In terms of its estimates, the broker said: "We have re-based FY 14/15 for the accounting change and have tweaked estimates for this FY for the Sugar and Primark pointers with next FY adjusted too for the absent 53rd week. Our PBT sequence before was £1,128m, £1,205m & £1,298m."
Analysts have cut their target price to 2,942 pence per share from 3,016 pence.
At 1:57pm: (LON:ABF) Associated British Foods PLC share price was -70.5p at 2744.5p