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US: Stifel Nicolaus lowers Jones Soda forecast

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US investment bank Stifel Nicolaus has lowered its third-quarter earnings forecast for soft drinks producer Jones Soda Co.

Mark Astrachan, an analyst at Stifel, said today (29 September) that the bank was cutting its earnings per share forecast for the third-quarter by US$0.01 to US$0.02.

"We believe the 2007 national launch of Jones Soda in cans is taking attention away from its existing business," he said.

Earlier this month, Jones signed a manufacturing and distribution deal with National Beverage, which will see Jones' products sold nationwide.

Astrachan said Jones was also "courting" national retailers including Wal-Mart, Safeway, and Kroger to list its products.

Meanwhile, Astrachan added that Jones was not seeing "significant profits" from its trial of its Jones Energy brand at Costco outlets in California.

However, he added: "We believe the trial will resonate with consumers, and Costco, as a lower-priced competitor to established energy drink brands sold at Costco like Red Bull and Monster Energy."


Sectors: Soft drinks

Companies: Red Bull

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