Restaurant Group downgraded by N+1

N+1 Singer has downgraded Restaurant Group (LON:RTN) to 'hold' from 'buy' after revisiting its estimates for fiscal years 2017 and 2018.

The broker said: "Whilst we have confidence in the new management to turn things around, we now feel that the macro outlook is likely to push out our original expectation of RTN moving into positive LFL's in H2-17 to FY18."

N+1 has set a new twelve-month target price of 350 pence a share (previously 480 pence).

At 1:43pm: (LON:RTN) Restaurant Group The PLC share price was -12.6p at 324p