MARKET TALK: Panmure Cuts Greene King Price Target

28th Jun 2010 09:49

0849 GMT [Dow Jones] Panmure Gordon cuts Greene King (GNK.LN) target to 450p from 500p ahead of the company's results on July 1. Panmure says it struggles to identify catalysts for outperformance vs the peer group. "With beer prices set to rise again in January with the VAT increase and in April with the 2% above inflation beer duty increase we think profits will continue to be depressed at the outlet level in both managed and tenanted pubs." Reiterates hold recommendation on the stock. Shares +0.8% at 402p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 28, 2010 04:49 ET (08:49 GMT)