News

UK: C&C share coverage downgraded

Most popular

The just-drinks analyst returns

Coronavirus paves the way for e-commerce boom

How to reach Gen Z in the coronavirus era - focus

Alcohol must be resolute in responsible drinking

"Europe is so primed for hard seltzer" - interview

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 fiscal-2020 - Sales up 7.8%, cider squeezed in US by hard seltzer - results data

C&C Group fiscal-2020 - Sales up 7.8%, cider squeezed in US by hard seltzer - results data...

Is there something wrong with C&C Group? - comment

Is there something wrong with C&C Group? - comment...

Heineken UK's David Forde named next C&C Group CEO

Heineken UK's David Forde named next C&C Group CEO...

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

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