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BUZZ-AB Foods: best day since November on Goldman double upgrade

Reuters - UK Focus

** Associated British Foods (LSE: ABF.L - news) poised for biggest one-day percentage rise since early November & up at 2-mth highs in decent volume as Goldman Sachs (NYSE: GS-PB - news) ramps up its rating to "buy" vs "sell"

** Broker says 17% underperformance YTD offers attractive entry point

** GS (KSE: 078935.KS - news) analysis of US mkt suggests Primark's launch will be success, particularly with millennial consumer cohort (c.40% of US vs. c.25% of UK/W Europe) which is large & growing, has more value-oriented shopping habits, & prefers fast fashion

** Broker estimates US Primark stores will add 720 mln pounds to group EBIT by 2020, & reckons near-term concerns from weak sugar & dollar sourcing for Primark have been well flagged

** Stock, up 4 pct, easily top FTSE 100 riser & most actively traded on index (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)