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Broker's note: Sainsbury's

Credit Suisse re-iterated its ‘Underperform’ recommendation on Sainsbury’s ahead of its Q1 sales update tomorrow (June 18).

CITY & CORPORATE

Broker's note: Sainsbury's

Credit Suisse re-iterated its ‘Underperform’ recommendation on Sainsbury’s ahead of its Q1 sales update tomorrow (June 18).

The broker is predicting Q1 to be another strong quarter for the s
upermarket and expects possible consensus upgrades - its own estimates for 2009/10 pre-tax profits being well ahead of consensus at 620 million versus 565 million.

However, Credit Suisse suggests that on a multiple of over 11x its high-end estimates for 2010/11 the recovery is already fully discounted in Sainsbury's share price, which stands at 328.25p at the close of business on June 15. This compares with the broker's target price of 300p.

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