UK: Allied Domecq shares downgraded
Allied Domecq has had its shares downgraded. JP Morgan has shifted its recommendation for the shares to 'neutral' from 'overweight.' The US broker pointed to the fact that AD shares had out-performed the Eurotop 300 by 6.4% in the last 12 months.
With no near-term upside to its forecasts, JP Morgan said, the strong trading fundamentals are now priced into the current share price. An acceleration in organic growth rates in either the core trading areas of the European Union or the US, or improving profitability in Mexico or South Korea, would be needed for a further re-rating, the broker added.
JP Morgan maintained its 540 pence price target on the drinks company's shares.
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Allied Domecq has added a new flavour to its Malibu range. The company said yesterday that it would be launching Malibu Passion Fruit in the US from April 15....
Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
LVMH has said it is not looking to buy Mumm Champagne from Allied Domecq....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
Fideuram Wargny has upgraded its rating of Pernod Ricard to 'buy' from 'hold'. Its analysts argue that the merger talks with Allied Domecq is a catalyst for share growth....
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