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Broker snap: JPM expects Cadbury Q3 sales to be in line
Mon, 01 Dec, 2008
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Broker snap: JPM expects Cadbury Q3 sales to be in line
Thu, 9 Oct 2008, 10:04:00
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Related Market Prices
Name
Value
Percent
Change
Cadbury
527.00p
-4.44%
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US broker JP Morgan expects Cadbury's third quarter sales trends to remain within the company's guidance range of 4-6% when the confectionery and gum maker updates the market next Tuesday.<br /><br />Though JP Morgan (JPM) has concerns about the commercial threat posed by recently merged Mars and Wrigleys, it does not expect this to start biting until the fourth quarter.<br /><br />The broker expects Cadbury to maintain its guidance of 6% sales growth for 2008 and an improvement in EBIT (earnings before interest and tax) margins of 130 basis points (1.3 percentage points).<br /><br />"With the stock having pulled back in the last month ... the 3Q trading update may give a temporary boost to the share price," JPM said, before adding that it expected any rally would be short-lived "as concerns begin to mount again."<br /> <br />JP Morgan is neutral on Cadbury's stock and has a December 2009 price target of 710p.<br />
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