Kerry Group receives upgrade from UBS
Kerry Group’s sales exposure to high-growth areas should boost its performance, financial services company UBS has said after upgrading its view on the food stock.
UBS upgraded Kerry from a “neutral” rating to a “buy” rating, saying that it sees a 12 per cent upside to the Tralee group’s share price.
The analysts singled out Kerry’s taste and nutrition unit as being “well placed” to deliver volume growth. Additionally, it said Kerry’s room for expansion in emerging markets provides positive options.
As for mergers and acquisitions, UBS suggests that Kerry is well positioned to be a “key consolidator” in the industry.
UBS upgraded Kerry’s price target to ¤100 from ¤78. Currently trading above the ¤92 mark, the company’s share price is up by 36.3 per cent since the beginning of this year.