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Berenberg reiterates 'buy' on Premier Foods, lifts PT after results
(Sharecast News) - Berenberg lifted its price target on Premier Foods on Monday to 280p from 270p and reiterated its 'buy' rating as it said management exhibited "strong strategic delivery" in H1 2026 that contrasts with the company's valuation de-rating over the last six months. It noted that management reaffirmed full-year trading profit expectations and upgraded full-year adjusted profit before tax expectations at the first-half results on 13 November.
"This follows a Q1 trading update in which full-year expectations were reaffirmed," Berenberg said.
"Despite this, the company has derated 3.0x on a 12-month forward price-to-earnings basis in the last six months."
Berenberg said it continues to expect that the initiatives that progressed further in H1 will drive a re-rating as the market increasingly recognises the company as a branded food proposition, "the likes of which are valued at a significant premium to Premier Foods".
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