Panmure Gordon advises selling shares in JD Wetherspoon at 383p (390p this week).
The broker notes both the high price-earnings valuation of 18 times and the downside exposure to the planned ban on smoking in English pubs.
It reiterated its 280p price target.
The Daily Telegraph (Your Money) 06/06/06 page 2 (What the brokers say)
