US: JP Morgan rates Campari "neutral"
US investment bank JP Morgan has started coverage of the Italian drinks group Campari with a "neutral" recommendation, saying the shares were fairly valued.
The broker said that it was expecting organic sales growth of 4.3% and organic trading profit growth of 7% over the next three years. It added that this was fully reflected in the current rating.
JP Morgan explained that traditionally, Campari has traded at a discotunt to larger rivals such as Diageo and Allied Domecq. However, it said that Campari's stock had risen 22% in the 12 months and the valuation gap has been closed.
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....
Diageo has completed another share buyback transaction....
Brown-Forman has restructured its distribution set up for Europe, entering into new agreements for its spirits brands in a number of countries, including Italy, Spain, and Germany....
E&J Gallo has announced a number of appointments within its European division....
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....
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