02 August, 2006

UK & South Africa: WestLB reiterates SABMiller ‘add’ rating

WestLB lifts SABMiller price target to 1,100p from 1,070p, and reiterates its ‘add’ rating, Dow Jones Newswires released July 31.

It says its 1Q trading statement indicated an impressive 7% increase in group organic volume growth, despite a 2.4% decline in US volumes. But it notes Russia and China delivered exceptionally strong growth of 25%. Overall, WestLB says the statement is very encouraging. Shares traded +0.1% at 1,072p.

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