Legg Mason has upped its full-year earnings-per-share estimate for the Pepsi Bottling Group. The move follows PBG's announcement yesterday (12 April) that it has lifted the low end of its full-year EPS outlook.

"We are lifting our full-year EPS estimate to US$1.84 from US$1.81 for the upside and reiterate our 'Buy' recommendation and US$32 12-month target," Legg Mason analyst Mark Swartzberg said yesterday.

"Our $32 target reflects various analyses and anticipates the shares' forward free cash flow yield of 7.7% going to 7.0% over the next 12 months."

PBG said yesterday that its first quarter earnings-per-share reached US$0.03 and raised its full-year outlook to between US$1.78 and US$1.84, from between US$1.76 and US$1.84.