Broker snap: Panmure lifts Mitchells and Butlers rating on valuation
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Panmure Gordon has upgraded its recommendation on pub group Mitchells and Butlers to 'hold' from 'sell' on valuation grounds.
Shares in the O' Neills chain owner have fallen by more than 60% over the past year, amid a backdrop of reduced consumer confidence and the smoking ban.
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Panmure, which keeps its 300p price target on M&B, said it expects to see the group's performance improve as the anniversary of the English smoking ban approaches.
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