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Brokers note - Sainsbury’s

Bernstein Research re-iterated its ‘Market Perform’ recommendation on Sainsbury’s following its interim results.

CITY & CORPORATE

Brokers note - Sainsbury’s

Bernstein Research re-iterated its ‘Market Perform’ recommendation on Sainsbury’s following its interim results.

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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