Morrison: Berenberg raises target to 250 pence

(CercleFinance.com) - Berenberg has raised its target price for WM Morrison from 210 pence to 250 pence, maintaining its "hold" rating in a bullish note on UK food retailers.


While their shares had a strong run, there is more to come, the German broker writes in a note.

"Investors have started to question the valuations of UK food retailers, which are now trading at multi-year highs," Berenberg says in the report.

"While we appreciate the risks of bloated market expectations heading into the interim results season, the key drivers behind our bullish sector stance are still very much in place," it adds.

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