Scottish & Newcastle has had its price target upped. JP Morgan today (30 August) raised its target for the brewer to 450 pence from 370 while maintaining its 'underweight' recommendation.

In a note to clients, JP Morgan noted that S&N has underperformed the European beverage sector and the FT All-Share by 8% and 6% respectively in the last year. The broker said that it expects this relative underperformance to continue, although it increased its earnings forecast in line with its more bullish assumptions for S&N's cider portfolio in the UK.

The broker raised its EPS estimate for 2005 by 0.4% to 31.9 pence and its 2006 forecast by 2.5% to 36.3.