Broker snap: Wetherspoon a buy ahead of results says Panmure

1st Nov 2013 09:20

Panmure has reiterated its buy recommendation on pub group Wetherspoon ahead of first quarter results on November 6th, with a 806p target price implying around 11 per cent potential upside. Analyst Simon French said he expected an upbeat sales performance reflecting longer food service hours.Wetherspoons' new food menu has led to an extension of food serving hours to 11pm following a successful trial. French suspects this may dilute like-for-like profit initially but the long-term impact "will prove another successful strategic move at a time of ongoing flux amongst the competition".Shares in Wetherspoon stood at 710.5p at 09:45 on Friday, up 0.8% on the day.OH