Peel Hunt has upgraded its recommendation for Hilton Food Group PLC (LON:HFG) to ‘buy’ from ‘hold’.
The broker’s forecasts for the current financial year have been raised by 3% and for next year by 6%, reflecting the fact that Hilton is now packing all of Tesco’s red meat sold in the UK and the Queensland facility for Woolworths opening ahead of schedule.
The broker said Hilton’s technology expertise was instrumental in increasing its share of the business and should prove to be one of several growth drivers the meat packers has.
The target price has been bumped up to 1,150p from 960p. Shares in Hilton Food rose 10p to 998p.