Fuller, Smith & Turner PLC (LON:FSTA) has been downgraded to ‘add’ from ‘buy’ by analysts at Peel Hunt following a share price surge earlier this week.

In a note on Friday, the broker also increased its target price on the pub chain to 775p from 700p, forecasting that for its interim results, due on November 26, that the company will report revenues of £50mln and an adjusted pre-tax loss of £21mln, reflecting the impact of the first national UK lockdown.

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Peel Hunt also downgraded its full-year profit forecast by £11-£12mln, which they said implies a “flat” second half for the company as five months of trade was offset by the cost of the second national lockdown.

While the broker said the outlook for 2022 was “Improving”, they downgraded their rating following the share price surge.

Shares in Fuller’s were up 0.3% at 710p in mid-morning trading.

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