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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&#8217;s bullish update from <b>Cadbury</b> and the company's recent share price fall has prompted Dutch finance house ING to upgrade the stock from &#8220;sell&#8221; to &#8220;hold&#8221;.<br /><br />Although ING remains cautious on the confectionery and gum giant&#8217;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.<br /><br />Despite upgrading its recommendation, ING has cut its price target for Cadbury to 560p. &#8220;The &#8216;easy&#8217; market share gains are over,&#8221; ING said, with competition set to get hotter in the months ahead.<br /><br />US bank JP Morgan (JPM) has also cut its price target, from 710p to 610p.<br /><br />JPM is neutral on Cadbury which it believes is fairly valued in relation to its peers.
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