UK: Another coverage rise for SABMiller
SABMiller has had its price target raised.
The move follows UBS' revision of the brewer's rating to 'buy' from 'neutral' earlier this week.
Credit Suisse today (14 June) upped its target for SABMiller shares to 1,200 pence on valuation grounds, while reiterating its 'outperform' rating.
The broker said that it sees an opportunity to buy into the brewer in the wake of market turmoil which saw the stock drop by 20% in the past four weeks. Credit Suisse also said that SABMiller's moves to increase its direct sales effort in Colombia and South Africa should yield a significant increase in the long-term value of shares.
Credit Suisse subsequently increased its full-year EPS estimates for 2008 and 2009 by 3% to US$1.42 and US$1.63 respectively.
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SABMiller has moved to downplay reports that it is set to launch one of its international brands in China....
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