MARKET TALK: Exane BNP Paribas Ups Tate & Lyle Target

15th Jul 2010 10:36

0936 GMT [Dow Jones] Exane BNP Paribas raises Tate & Lyle (TATE.LN) target price to 550p from 520p. Says this is to reflect a lower discount rate of 8.5% versus 9% previously. Adds that this is driven by a reduction in the US risk-free rate to 3.0% from 3.3% and a small reduction in Tate's Beta to 1.05 from 1.11, "to reflect the future direction of the business away from commodity businesses (as demonstrated by the recent sale of the EU sugar refining operations)." Has an outperform rating. Shares +1.3% at 476p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 05:36 ET (09:36 GMT)