News

UK: C&C share coverage downgraded

Most popular

CSR activity around the world - Jan

The just-drinks analyst returns

Will 2020 see Campari Group back on the M&A hunt?

What's coming up in beer in 2020? - Predictions

just-drinks speaks to DISCUS CEO Chris Swonger - 2

MORE

C&C Group has had its share coverage lowered. Citigroup said yesterday (25 January) that it is downgrading the Irish company to 'hold' from 'buy' on valuation grounds.

In a note to clients, Citigroup said that it remained confident that C&C's Magners cider brand would continue to gain market share in the UK and that earnings from the brand should drive accelerated group growth in the medium-term.

However, while medium-term group growth expectations have not materially changed, Citigroup noted that C&C's share price has changed, rising by around 90% year-on-year and by over 15% in the last three months.

Citigroup added that the market now understands the potential for Magners' UK growth and that this is being factored into the group's current share price.

The broker raised its target share price for C&C to EUR6.10 (US$7.47) from EUR6.05.

In October last year, C&C credited stronger than expected growth in its cider brands for a 10% rise in first-half profit to EUR68.4m.


Sectors: Beer & cider

Related Content

C&C Group ready for third-party packaging boost post-Brexit - results

C&C Group ready for third-party packaging boost post-Brexit - results...

The Irish connection - How C&C Group plans to rescue Magners - Focus

The Irish connection - How C&C Group plans to rescue Magners - Focus...

Anheuser-Busch InBev deal gives fiscal-2018 boost to C&C Group cider volumes - trading update

Anheuser-Busch InBev deal gives fiscal-2018 boost to C&C Group cider volumes - trading update...

How did C&C Group perform in FY 2019? - Results

How did C&C Group perform in FY 2019? - Results...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?