UK: CSFB lowers targets on Euro drinks groups
"Generally, euro-reporting stocks look more exposed to downgrades than sterling-based companies, which can offset the weaker dollar against a stronger euro," a research note said.
The bank downgraded Remy Cointreau to "underperform" from "neutral".
Heineken was cut to €35 from €44, Scottish & Newcastle dropped to 385p from 480p. Diageo was downgraded to 900p from 950p. Interbew's new target was €21 compared to €24, while Pernod fell to €110 from €116. Finally, Remy Cointreau was adjusted to €28 from €34.
Diageo's Smirnoff Signatures line of premixed cocktails is now available nationwide in the US....
Diageo is poised to cut back its presence in Germany, according to local reports....
Heineken has acquired a 40% stake in a Chinese brewery....
Heineken Espana is looking to invest heavily in a new plant in southern Spain....
Diageo North America has poached a senior executive from General Motors....
Grupo Empresarial Bavaria is not looking to sell up, its president has confirmed....
The chief financial officer of Brau Union has resigned....
Diageo has appointed Dr Franz B Humer, chairman and CEO of the pharmaceutical group Roche, to the Diageo board, effective from Friday (1 April)....
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