Broker snap: UBS sees turnaround at Enterprise Inns
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UBS has raised its recommendation on Enterprise Inns to 'buy' from 'neutral', saying it expects to see a turnaround in the tenanted pub group's declining beer volumes.
It maintains its 555p price target on Enterprise.
The broker added that the rise in the pub group's share price since it announced it is eligible for REIT status on May 7 does not fully reflect the value this will add.
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REIT conversion adds around 29% to earnings per share estimates for 2009 and 2010, UBS said.
Enterprise's share price has fallen sharply over the past year, due largely to reduced consumer spending and the smoking ban.
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