UK: Lehman lowers Britvic targets
Lehman Brothers has reduced its target price for soft drinks firm Britvic from 450 pence from 410 due to concerns about summer trading.
According to the news agency AFX, in a note to clients, Lehman Brothers maintained its 'overweight' rating on the UK-based company. It added that, given the poor weather over the past two months, its assumptions of average summer trading now seemed overly optimistic.
The note added that Britvic can still deliver double-digit EPS growth from both margin growth and top-line growth due to restructuring and innovation.
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