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Wed, 15 Oct 2008, 10:20:00
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Related Market Prices
Name
Value
Percent
Change
Cadbury
527.00p
-4.44%
Autonomy Corporation
885.50p
-4.94%
Beazley Group
111.50p
+0.00%
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Tuesday'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 "sell" to "hold".<br /><br />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.<br /><br />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.<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.<br /><br />KBC Peel Hunt has lowered its rating on <b>Beazley</b> to 'add' from 'buy' after hurricanes on the US Gulf Coast resulted in losses of about £20m for the insurer.<br /><br />However, the broker remains confident on the stock and thinks Beazley will be able to lift its 2008 dividend to 7p from 6p.<br /><br />"It is almost certain that reserve releases yet to emerge this year will exceed the hurricane losses, demonstrating the efficacy of a business plan based on solid reserving," KBC said.<br /><br />UBS has retained its 'buy' rating on <b>Autonomy</b> after the software giant's third quarter forecasts came in at the top of forecasts. <br /><br />The broker was cheered by Autonomy's confident view of its prospects in for 2009 and now expects the company to post sales of $573m during the year compared with a previous estimate of $555m.<br /><br />In the third quarter, Autonomy's profit before tax jumped 160% to $47.9m from $18.3m on revenues up 42% at $127.1m, driven by strong organic growth.<br />
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