Luminar "buy," target price raised

01/02/07 - Panmure Gordon & Co

LONDON, January 1 (newratings.com) - Analysts at Panmure Gordon maintain their "buy" rating on Luminar Plc (LMR-GBX). The target price has been raised from 800p to 850p.

In a research note published this morning, the analysts mention that Luminar’s market positioning has improved substantially following the disposal of the company’s entertainment bar estate and tail-end nightclubs. Luminar’s branded outlets are expected to grow from 48 to 80 by 2009, the analysts say. The company is likely to benefit from the English smoking ban, which starts from July 1, 2007, Panmure Gordon adds.