Jefferies analyst Frederick Wild downgraded AB Foods (ASBFY) to Underperform from Hold with a price target of 1,800 GBp, down from 2,000 GBp. Jefferies is taking a more cautious view on UK retail, seeing a “disconnect between market optimism and consumer confidence.” Primark’s challenges are likely to continue for AB Foods, the analyst tells investors in a research note.
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