DJ MARKET TALK: UBS Downgrades Punch Taverns To Reduce

10/23/06 - Dow Jones Newswires

0532 GMT [Dow Jones] UBS downgrades Punch Taverns (PUB.LN) to reduce from neutral, and cuts price target to 980p from 1,000p. Sees limited scope for value-adding deals, and believes the upward rerating of the shares is now done. Warns Punch has some weak pubs that are vulnerable to the impact of a smoking ban. Shares closed at 1,025.5p. (KHO)

 
Contact us in London. +44-20-7842-9464 
Markettalk.eu@dowjones.com 
 
 

(END) Dow Jones Newswires

October 23, 2006 01:32 ET (05:32 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.