SINGAPORE (Nov 11): Daiwa has downgraded Breadtalk from “buy” to “outperform” and lowered its target price to $1.29 from $1.31 due to its mixed 3Q results.

In a Tuesday report, analyst Shane Goh said BreadTalk’s results for 3Q15 were “a tale of two halves”.

Although revenue for the restaurant segment grew 11.8% from a year ago, 4.1% above Daiwa’s forecast, revenue for the bakery and food court segments was up 2.7%, 4.1% short of its forecast.

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