Wednesday, 5 May 2010
I read that our clairvoyant City analyst community is excellently briefed these days. Not in the leisure sector, it seems. Shares in pub operator JD Wetherspoon have slumped by almost 10% after weak third quarter trading - news that will give clients of UBS (who were told last week to buy JDW and dream of a price target of 590p) and Citigroup (price target 740p) a thumping hangover. The shares closed today at 491.8p, which just goes to prove SlackBelly's first rule of engaging with large pub chains: always go for the shorts.