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Broker snap: Cadbury price fall prompts ING upgrade
Mon, 01 Dec, 2008
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Broker snap: Cadbury price fall prompts ING upgrade
Wed, 15 Oct 2008, 08:52:00
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Related Market Prices
Name
Value
Percent
Change
Cadbury
546.00p
+2.92%
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Tuesday’s bullish update from
Cadbury
and the company's recent share price fall has prompted Dutch finance house ING to upgrade the stock from “sell” to “hold”.
Although ING remains cautious on the confectionery and gum giant’s prospects heading into 2009, particularly with regard to the threat to margins posed by rising commodity prices, the 20% slide in Cadbury's share price over the last month has brought the stock back to a more realistic rating.
Despite upgrading its recommendation, ING has cut its price target for Cadbury to 560p. “The ‘easy’ market share gains are over,” ING said, with competition set to get hotter in the months ahead.
US bank JP Morgan (JPM) has also cut its price target, from 710p to 610p.
JPM is neutral on Cadbury which it believes is fairly valued in relation to its peers.
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