Morrisons: Berenberg upgrades stock to 'hold'

(CercleFinance.com) - Broker Berenberg has upgraded its rating on the Morrisons stock from "sell" to "hold," saying expectations have now become "more realistic" on the British supermarket chain.


"While Morrison remains too expensive for an income stock, the shares have come down 13% since the peak," the German broker wrote in a research note.

The analyst has raised its target price for the stock from 200 pence to 210 pence.

Berenberg believes the key catalysts for underperformance have already materialised.

Morrisons shares are currently down 0.5% at 223.7 pence in London.



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