UK: Goldman Sachs initiates C&C coverage
Goldman Sachs has today initiated coverage of C&C Group PLC with an 'in-line' rating, according to dealers. The broker believes the Irish-based drinks group's valuation to be attractive, but added that it is yet to receive any firm details about the impact of Ireland's smoking ban on drink sales in the country.
Goldman said that it remains cautious on C&C until it has seen the definite numbers. The broker added that C&C is highly dependent on the Irish market and the effects of the smoking ban will be important for it.
Goldman added that if the smoking ban has limited impact on the group's volumes, and C&C is able to put through price increases in the country, it believes the shares valuation discount makes C&C an attractive opportunity.
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