2314 GMT [Dow Jones]--Goldman Sachs initiates coverage of fast-food chain Guzman Y Gomez with a sell rating despite its analysts' cautious optimism toward the sector. They tell clients in a note that there is no recent successful precedent in Australia for the Mexican-food retailer's long-term expansion aspirations, making them look overly optimistic. The stock's valuation appears pegged to highest-growth U.S. peers without taking into account risks and market differences, they say. There's also the matter of 53% of the company's shares expected to be released from escrow between March and August 2025. GS puts a A$33.20 target price on the stock, which is at A$39.36 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 02, 2024 19:16 ET (23:16 GMT)
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