Brokers note - Sainsburys
The broker says the results were in-line with expectations and 2% ahead of consensus estimates. It pointed out that Sainsbury’s highlighted that its property assets had increased by £1 billion to £8.5 billion since March.
Bernstein Research believes this offers strong support for the group’s valuation, although the broker remains cautious on the slowing like-for-like sales growth. It continues to rate Sainsbury’s ‘Market Perform’ with a price target of 360p, which compares with an underlying share price of 338p following the 3% increase yesterday (November 11).
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