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UK: Dresdner cuts target for S&N

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The Investment bank Dresdner Kleinwort Wasserstein, concerned with the company's profit momentum, has cut its target price for the UK's Scottish & Newcastle to 520 pence per share from 630p. In a research note its analysts said: "Scottish's underlying profit momentum remains below that of its peers and the group is locked in to low-growth beer markets."


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