WestLB Panmure has recommended its clients 'Sell' frozen food specialist Big Food. Analyst Philip Dorgan's bearish stance on the fully-listed company, which recently bought cash-and-carry specialist Booker, is prompted by its 'continuous sales disappointments and the constant use of the word "strategy" in its announcements'. His other complaint is that 'there is no other national frozen food retailer in the world, so Big Food is in danger of occupying a niche that doesn't exist'. Big Food's 'lack of direction' and high debt levels (gearing is at 98.5 per cent) also give Dorgan pause for thought. It is no real surprise to learn he has cut his profit target for the year to March 2003 to £20m (the group made £41.2m last year) on reduced sales of £5.2bn.