MARKET TALK: Panmure Raises Greene King Target Price

15th Jul 2010 10:39

0939 GMT [Dow Jones] Panmure Gordon increases Greene King (GNK.LN) target price to 456p from 450p to reflect solid operational progress and the acceleration of the group's expansion strategy. As a result, Panmure increases its '11 EPS forecast to 46.63p from 44.58p and '12 to 49.29p from 45.62p. However, the brokerage says net debt is likely to remain broadly the same over the next two years with net-debt-to Ebitda reducing to 4.8x at the end of FY '12 from 5.1x at the end of FY '10. Hold recommendation. Shares -1.1% at 446.7p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 05:39 ET (09:39 GMT)