The analyst firm confirms its sell recommendation on the stock, with a target price lowered to 1099 pence (from 1380 pence), representing a potential downside of -15% from the current price.

' After another profit warning, it's still too early to take a position' says UBS.

Management now expects adjusted operating profit for the year ending March 30, 2024 to be in the range of £410 to £460 million, below previous forecasts.

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