Sainsbury Share Price Falls After Cantor Fitzgerald Reassessment
The opening of trading this week saw a fairly significant drop in the price of J Sainsbury (SBRY) shares. Having opened at 262.44p the shares fell as low as 253.78p before closing the day at 254.70p, nonetheless the shares are still up 5.33% for the week and 11.32% for the month.
The fall came as Cantor Fitzgerald cut its target price from 320p to 275p ahead of the results of its strategic review due out this week. Furthermore, yesterday Sainsbury lost a legal battle with Tesco regarding Tesco’s Price Promise marketing campaign. The case was dismissed by London’s High Court and it is not yet known what further steps Sainsbury may take.
Yesterday also saw Nomura reiterate its ‘Neutral’ position on Sainsbury shares while Exane BNP Paribas did the same last week and JP Morgan Cazenove reiterated its ‘Underweight’ assessment last week.