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Morgan Stanley downgrades Primark owner

Investment bank Morgan Stanley has downgraded Primark’s owner ABF as a result of a slowdown in its US operations.

The bank downgraded the firm from “overweight” to “equal weight” – a measurement of its value for money compared with other stocks. However it raised its price target to 3100p from 2800p.

Earlier this month ABF said it was downsizing three of its US stores by around 20%.

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