Broker snap: Dresdner downgrades Carluccio's, stays bullish
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Dresdner Kleinwort has downgraded its recommendation on Carluccio's to 'hold' from 'add' and cut its target price by 10p to 150p, despite remaining optimistic on the Italian restaurant chain's outlook.
Tuesday's interim results were in line with expectations, Dresdner said, adding that trading continues going well. It sees Carluccio's as one of the leading companies in its sector.
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Dresdner said the lower price target and rating are due to its belief that a re-rating is unlikely.
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