UK: ABN Amro lowers Cadbury rating
Investment bank ABN AMRO has lowered its rating on the UK's food and soft drinks group Cadbury Schweppes Plc to "add" from "buy" on Tuesday, but raised its price target to 540 pence from 500p. "We see further upside given the discount to both peer and DCF (discounted cash flow) valuations, as well as the positive momentum behind consumer stocks, but insufficient upside to justify retaining a buy recommendation," ABN AMRO analyst Julian Hardwick said in a research note.
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