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BUZZ-Greene King: shares hit as brokers weigh in after results

Reuters - UK Focus

** Greene King (Frankfurt: A0F66P - news) down 3.5% at lowest levels since February & second-top faller on Stoxx 600 as brokers weigh in on co which reported full-year results on Thursday

** 4 star-rated JPMorgan (LSE: JPIU.L - news) analyst expects UK consumer spending to deteriorate in the months and years ahead, downgrades Greene King to "neutral" from "overweight", cuts PT by 7% to 750p

** Broker cuts its adj operating profit forecast by 3% in FY18 and by 2% in FY 19 to £407 mln and £418 mln, respectively, to reflect a more cautious view on the impact of inflationary cost pressures

** With (Other OTC: WWTH - news) integration of Spirit now complete, JPM sees less opportunity for upside earnings surprise

** Morgan Stanley (Xetra: 885836 - news) cuts PT for Greene King to 670p vs 700p