“The recommended cash offer is a good result for PLND shareholders and comes at a time when there was more downside risk that upside in our view,” said analyst Wayne Brown.
“The cash offer of 222p is highly attractive and we would advise shareholders to accept.”
In line with the Steinhoff, Liberum upgraded its view to ‘hold’ from ‘sell’ and lifted its target price to 222p from 125p.
Bold calls were very thin on the ground elsewhere in the City on Wednesday, with the vast majority of broker notes maintaining existing recommendations, albeit there were a few notable changes to price targets.
JP Morgan and Berenberg repeated ‘overweight’ recommendations for ASOS Plc (LON:ASC) but lifted their respective price targets to 4,550p and 5,100p (current price 4,491p), meanwhile Barclays has a ‘neutral’ and set a new 4,800p target.
In the downgrades column, Credit Suisse sliced back its view of Virgin Money (LON:VN.) with the new target of 275p, from 379p.
Jefferies, meanwhile, took 75p off its target for Paragon Group of Cos Plc (LON:PAG) which now has a 500p target.