UK: Campari coverage lowered despite strong H1
Campari has had its share coverage cut following the release of its first half figures earlier this week.
CA Cheuvreux yesterday (12 September) lowered its rating on the Italian drinks group to 'underperform' from 'selected list', whilst also cutting its target price for Campari's shares to EUR8 from EUR8.85.
Earlier this week, Campari reported that operating profit for the first six months of this year rose by 7.9% year-on-year, hitting EUR92.7m (US$127.8m). Net sales for the period were up by 5.4% to EUR440.6m in the six-month period.
The broker noted that the results were good, but highlighted that guidance for the coming quarters was poor.
Cheuvreux also lowered its EPS forecasts in 2007-2009 by 5-6%.
Central European Distribution Corp. is to acquire a major stake in Russian wine and spirit importer and distributor The Whitehall Group....
UBS has raised its rating on Davide Campari-Milano....
Lehman Brothers has revised its ratings of a raft of European drinks companies in its latest industry review....
The future bodes well for spirits companies, according to an analyst, although brewers will find 2008 tough going as commodity prices remain high....
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