MARKET TALK: Panmure Reduces JD Wetherspoon Target Price

14th Jul 2010 11:56

1056 GMT [Dow Jones] Panmure Gordon reduces JD Wetherspoon (JDW.LN) target price to 580p from 594p to reflect slightly harsher macro-economic conditions. Cuts '10 EPS forecast to 34.63p from 34.92p and '11 to 39.02p from 40.4p. Notes this morning's in-line pre-close statement with like-for-like sales up 1% in the 11 weeks to July 11 and 0.1% year-to-date. Says the group is slightly more positive on prospects for FY '11E and is comfortable it can continue to acquire sites at reasonable prices. Reiterates buy recommendation. Shares -3.7% at 421p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 06:56 ET (10:56 GMT)