MARKET TALK: Citigroup Cuts JD Wetherspoon Price Target

16th Jul 2010 11:16

1016 GMT [Dow Jones] Citigroup slashes JD Wetherspoon (JDW.LN) price target to 540p from 740p, reflecting the lower-than-expected margin guidance for FY '10, following the 4Q update. Also takes into account recent market weakness and a more cautious outlook. Cuts '10 EPS forecast to 34.0p from 34.8p and '11 to 36.3p from 39.7p. Still thinks JD Wetherspoon is the best operator in the pubs sector and its strong free cash flow and organic roll-out strategy continue to support Citi's buy recommendation. Shares +0.9% at 424p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 16, 2010 06:16 ET (10:16 GMT)