Broker snap: Credit Suisse downgrades Tate and Lyle on valuation
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Credit Suisse has downgraded Tate and Lyle to 'neutral' from 'outperform' after the sugar and sweetener giant hit the broker's 520p price target.
Tate's share price has risen by 30% since it hit lows after three profit warnings, Credit Suisse said, compared with a 10% rise overall in the market.
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Credit Suisse updated its forecasts to take currency issues and recent trading comments into account, but only fine tuned estimates as a result, the broker said.
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