MARKET TALK: HSBC Cuts JD Wetherspoon Price Target

29th Jun 2010 10:40

0940 GMT [Dow Jones] HSBC cuts JD Wetherspoon (JDW.LN) price target to 455p from 550p, noting concern over the impact of rising VAT and duty costs next year. Cuts '11 pretax profit forecast by 5.5% to GBP70.9M and says this is 8.2% below consensus. Still, HSBC reckons extended opening hours, weak comparatives and relatively benign cost inflation should mitigate some of the pressures. Keeps the stock at neutral. Shares -0.7% at 399p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 29, 2010 05:40 ET (09:40 GMT)