LONDON, May 13 (newratings.com) - Analysts at Dresdner Kleinwort downgrade Greggs Plc (ticker: GRG-GBX) from "add" to "hold." The target price is set to 4,500p.
In a research note published this morning, the analysts mention that the company's
like-for-like sales so far this year have been volatile due to weather conditions, the timing of the Easter and marketing campaigns. Greggs (LSE:
GRG.L -
news) ' like-for-like sales in the 19 weeks to May 10 have risen by 4.7%, the analysts say. The company is expected to post limited-to-down volume growth in FY08 and its like-for-like growth would be mainly driven by price inflation, Dresdner Kleinwort adds.
© 2008 New Ratings
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