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Woolworths: Rich consumers to boost stock

by Bloomberg — last modified 2010-03-02 10:16

Woolworths was raised to "neutral" from "underperform" at Credit Suisse Standard Securities yesterday, as spending by higher-income consumers improves.

Shoprite was cut to "underperform" from "outperform", analysts Brendan Grundlingh and Roger Tejwani wrote in a note, citing the stock's 63 percent rally over the past year.

Woolworths' share-price estimate was raised to R22.90 from R15.67, while Shoprite's was increased to R70 from R63.

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