UK: Scottish & Newcastle "neutral," target price raised
Analysts at JP Morgan maintain their "neutral" rating on Scottish & Newcastle, Newratings reported May 10. The target price is has been raised from 540p to 550p.
In a research note published this morning, the analysts mention that the company’s joint venture, BBH, has reported robust 1Q07 results, with 38% growth in volumes, driven by favourable weather conditions and easy comps. BBH has gained share in the core Russian market, the analysts say. Scottish & Newcastle has raised its volume growth guidance for the Russian beer market for 2007 from 3%-5% to 5%-8%. The EPS estimates for 2007 and 2008 have been raised from 37.3p to 37.9p and from 41.6p to 42.2p, respectively.
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