Numis has moved to a 'hold' rating (from 'add') on Dairy Crest Group (LON:DCG) following the company's latest trading statement.
The broker said: "The update is largely favourable and largely as per market and company expectations.
"The one caveat is that higher cream prices (that have doubled in just under 3 months) may have an impact on the Spreads division in H2, although this may be partially/largely negated by cheese stock profits."
Target price remains unchanged at 649 pence per share.
At 2:28pm: (LON:DCG) Dairy Crest Group PLC share price was -33p at 635p