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RUSSIA: Baltika target price raised by UBS

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Baltika has seen Brunswick UBS raise its target price for the Russian brewer from US$20 to US$22.60. The investment bank has reiterated its "buy 1" rating.

In a research note, UBS analyst Dmitry Vinogradov said: "Last year was strong for beer industry growth, and the outlook for 2005 is positive.
 
"In our view, Baltika's strategy should allow the company to continue to grow sales faster than the overall market. We have revised our forecasts for 2004-06 and introduced forecasts for 2007."

Baltika is part of Baltic Beverage Holdings, a joint venture between the international brewers Scottish & Newcastle and Carlsberg.

For the full year, BBH reported total volumes growth of 18%, with Russian and the Ukraine performing particularly well with volumes up 19% and 17% respectively. Net sales reached €1377m or US$1704m.


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