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Citi has raised its price target for Associated British Foods PLC (LSE:ABF), the Primark owner, to £15.50 from £13.30 while retaining a sell rating, as it takes a more constructive view of the sugar business. The broker expects sugar to be less of a drag on earnings than previously forecast, with adjusted operating profit estimates raised by £35 million for the financial year ending in September 2026 and £71 million for 2027.