Broker snap: Goldman downgrades Premier Foods after shares climb
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Goldman Sachs has reacted to Premier Foods' recent strong share price performance by downgrading the Branston's Pickle and Hovis owner to 'neutral' from 'buy'.
Premier will have difficulty maintaining margins in the short-term, especially as it seeks to negotiate price rises, Goldman said. It maintained its 125p price target on the stock.
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Premier could benefit from a reduction in wheat prices, Goldman said, but could also by hit by retailers' reluctance to pay higher prices.
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