Morrisons has been upgraded to ‘buy’ from ‘hold’ by analysts at Berenberg in a sector note in which they predicted an “exceptional 2020” for food retailers.
For Morrisons, the bank also upped its price target to 213p from 200p, saying they expected the firm’s sales to “surge as a result of increased grocery demand since the start of the UK lockdown in March” and that its “limited non-food and banking exposure” was positive compared to its peers.
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