PFD
Ready for a BREAKOUT, the volume goes with the movement UP
and Indicators just right on the rise aswell
has a base around 4p now and the high debt is being brought down.
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09 November 2011 - Broker Upgrade target 15p ++
Shares in Premier Foods PFDS.L add 5.9 percent, the top FTSE 250 .FTMC gainer, as Investec Securities upgrades its rating for the under-pressure food producer to "buy" from "hold" with a target price of 15 pence.
"We think the market has under-appreciated the significance of the covenant deferral and move to Buyers, reflecting both this and some faith in the value of a set of entirely new brooms at the top," Investec says in a note.
Premier Foods shares jumped 10 percent on Monday after the group said that its banking syndicate had agreed to defer a covenant test scheduled for December 31 as discussions around refinancing the company's debt continue.
"We think there is a plausible equity value of 20 pence in six months with better than the 20 percent probability of realisation that the share price is currently discounting," the broker adds.
Investec says that the resultant risk/reward gives Premier Foods a legitimate place in a special situation portfolio for it.
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09 February 2011 - Hovis owner Premier Foods sells canning business for 182m
Hovis owner Premier Foods sells canning business