Tuesday, August 4, 2009

Massmart Holdings, South Africa's largest food and goods wholesaler, was downgraded again

August 4, 2009

Massmart Holdings, South Africa's largest food and goods wholesaler, was downgraded to hold from buy at Investec yesterday, the third time the rating has been cut in the past month.

The owner of Game and Makro also had its one-year share price target reduced to R87.14, from a previous estimate of R97.90, Investec said.

The stock rose 2.9 percent to R78 yesterday.

Massmart's headline earnings a share might decline to R5.80 in the fiscal year to next June, from a previous estimate of R6.83, Investec said.

Source: Bloomberg