Coca-Cola Amatil Ltd has been downgraded by investment bank UBS. The recommendation reflects the uncertainties surrounding the outlook for CCA in South Korea.
UBS has cut its net profit forecast for 2003 by 0.7% to A$237.7m (US$167.6m), and reduced the target price on stock by 4.5% to A$6.30. This follows difficult trading conditions in South Korea.
CCA said yesterday that it still expects net profit to December 2003 to reach the upper end of its three-year growth target of 10-15%, but conceded that the conditions in South Korea would remain challenging for the rest of the year.
