Shares of Associated British Foods plc (LON:ABF) reached a new 52-week low during trading on Monday after Royal Bank of Canada lowered their price target on the stock from GBX 2,900 to GBX 2,700. Royal Bank of Canada currently has an outperform rating on the stock. Associated British Foods traded as low as GBX 2,386 ($32.96) and last traded at GBX 2,389 ($33.01), with a volume of 1139319 shares. The stock had previously closed at GBX 2,446 ($33.79).
ABF has been the topic of several other research reports. Shore Capital restated a “buy” rating on shares of Associated British Foods in a research report on Monday, March 12th. Goldman Sachs cut their price target on Associated British Foods from GBX 3,585 ($49.53) to GBX 3,100 ($42.83) and set a “buy” rating for the company in a report on Thursday, March 8th. Liberum Capital reaffirmed a “buy” rating and issued a GBX 3,500 ($48.36) price target on shares of Associated British Foods in a report on Monday, March 5th. UBS reaffirmed a “neutral” rating and issued a GBX 3,150 ($43.52) price target on shares of Associated British Foods in a report on Monday, February 26th. Finally, Credit Suisse Group reissued an “outperform” rating and set a GBX 3,700 ($51.12) target price on shares of Associated British Foods in a research note on Monday, March 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. Associated British Foods presently has an average rating of “Buy” and an average target price of GBX 3,381.57 ($46.72).
In other Associated British Foods news, insider Michael McLintock bought 7,500 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of GBX 2,716 ($37.52) per share, for a total transaction of £203,700 ($281,431.33).
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Associated British Foods Company Profile
Associated British Foods plc is an international food, ingredients and retail company. The Company’s segments include grocery, sugar, agriculture, ingredients and retail. Its geographical segments include the United Kingdom, Europe and Africa, the Americas and Asia Pacific. The grocery segment manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products, which are sold to retail, wholesale and foodservice businesses.
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