Atlass Portfolios Lower Flour Mills of Nigeria to Sell Rating
Investment analysts at Atlass Portfolios Limited lower Flour Mills of Nigeria PLC share to sell rating over downside potential ahead of its second quarter earnings release.
Analysts have N40 target price for the consumer goods company. However, Flour Mills of Nigeria is trading at N45 per share on the Nigerian Exchange on Tuesday.
Atlass Portfolio recommendation list showed that Flour Mills of Nigeria Plc has 11.11% downside, suggesting that the food producer’s share is currently overpriced.
FMN Plc has gained 36.36% year to date, according to data from the local bourse. The stock had reached 52 week high of N48.50 while its lowest over the same period was N28.15.
In a notice, the company said its board of directors will meet in Lagos on Monday, 29th July 2024 to consider the Company’s unaudited financial statements for the first quarter ended 30th June 2024.
Restricting dealing by connected people, FMN Plc maintained that closed period for trading in the Company’s shares which commenced from 1st July 2024 shall continue to subsist until 24 hours after the 2024 Q1 UFS is released to the market. MTN Nigeria Plc Share Lower to Sell Rating
