Broker Snaps

Published on Monday 1 December 2008 23:36

IRC

28.5p unch

Broker says HOLD

INDIVIDUAL Restaurant Company has "weakness in covers" according to Charles Stanley, which has upgraded its recommendation from "reduce" to "hold" but has cut its target price from 44p to 30p.

IRC – which owns the Bank, Piccolino and Zinc chains and has a branch of its Restaurant Bar and Grill brand in Glasgow – "has limited scope for flexing major costs", said the broker, while cutting profit forecasts.

Greene King

383.5p -7.75p

Broker says HOLD

AHEAD of today's interim results, RBS Equities has a "hold" recommendation on Greene King with a price target of 550p.

Greene King, which owns Dunbar-based Belhaven, reported a 1.6 per cent fall in like-for-like sales at its managed pubs in its AGM trading statement, which covered the 16 weeks to 24 August.

RBS Equities forecasted pre-tax profits of 58 million, down from 71.6m in the first half of 2007.