MARKET TALK: Investec Raises Tate & Lyle Price Target

13th Jul 2010 09:37

0837 GMT [Dow Jones] Investec raises Tate & Lyle (TATE.LN) price target to 550p from 475p. Thinks the move to dispose of its European sugar assets is a good deal for Tate as a break-even business with a challenged model has been disposed of for GBP211M. Also, says any thoughts that the chief executive might be "long on management speak and short on action" have been dispelled. Says Tate is closer to fair valuation range and thinks consensus is suitably cautious. But adds, "the market will enjoy traveling with the story for a while yet." Keeps at buy. Shares -0.6% at 483p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 13, 2010 04:37 ET (08:37 GMT)