Following the release of a positive trading statement by British sugar and sweeteners giant Tate & Lyle, investment bank Goldman Sachs today [Thursday] raised its price target to 290p (US$4.12) from 270p.

The investment bank retained its “market underperform” rating, however.

A Goldman Sachs analyst told Reuters: “We were cautious on the year to March 2002 and that requires a pro-rata increase in our price target reflecting that higher base.”