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Broker snap: Tchenguiz stake sale "positive for Sainsbury"
Mon, 01 Dec, 2008
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Broker snap: Tchenguiz stake sale "positive for Sainsbury"
Thu, 9 Oct 2008, 11:10:00
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Related Market Prices
Name
Value
Percent
Change
Sainsbury (J)
279.25p
-2.70%
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Dutch financial services company ING has upgraded supermarket chain <b>Sainsbury</b> from "sell" to "hold" in the belief that the sale of the Robert Chenguiz stake will prove beneficial to the stock price performance. <br /><br />Tchenguiz, who reportedly paid 450p a share for his 10% stake in Sainsbury at a time when he was seeking to persuade the supermarket chain to release equity from its stores through sale and leaseback deals, is said to be placing the shares at 250p each through Kaupthing, the Icelandic bank.<br /><br />Despite upgrading the stock, ING has cut its price target for the shares to 310p from 340p following the company's trading statement yesterday, and cut its 2010 profit forecast by just under 5%.<br /><br />US bank JP Morgan believes Sainsbury has "fared extremely well this year" given that it operates towards the top end of the market at a time when customers are trading down. <br /><br />"It is overtly the most 'high end' of the big four UK grocers but has delivered better LFL (like-for-like) growth across the first half of the year than Tesco," JP Morgan (JPM) said.<br /><br />Nevertheless, JPM is unsure whether Sainsbury can keep it up, as competitors step up price and promotion activity leading into the Christmas period.<br /><br />JPM maintains its "underweight" stance on Sainsbury, with a price target of 330p.<br />
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