Wednesday May 7, 11:09 AM
Broker snap: Panmure cuts Prezzo price target after spike
LONDON (ShareCast) - Panmure Gordon has cut its rating on Prezzo to 'buy' from 'hold' after the Italian restaurant chain's share price surged following news of an approach that may lead to an offer. Prezzo gained
more than 20% after it informed the market of the approach late yesterday. Panmure, which keeps its 60p price target on Prezzo, said that yesterday's spike brought Prezzo's share price to a price/earnings ratio of 13.8, the price at which it could be expected to sell.
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