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Broker tips: Enterprise Inns, SABMiller, Britvic, Axon
Mon, 01 Dec, 2008
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Broker tips: Enterprise Inns, SABMiller, Britvic, Axon
Fri, 10 Oct 2008, 11:47:00
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Related Market Prices
Name
Value
Percent
Change
Enterprise Inns
62.00p
-6.77%
Axon Group
642.00p
-0.00%
Britvic
225.00p
-2.39%
C&C Group
1.07p
-10.83%
Diageo
885.00p
-2.43%
SABMiller
1014.00p
-3.61%
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The abandonment of plans to convert to a Real Estate Investment Trust (REIT) and its new strategy aimed at conserving cash has changed the picture at pub group <b>Enterprise Inn</b>, according to stockbroker Teathers.<br /><br />The broker has reduced its target price on the heavily indebted pubs owner to 122p, after removing the impact of conversion to a REIT from its valuation model.<br /><br />Teathers continues to advise clients to reduce their holdings in the group.<br /><br />US bank JP Morgan has taken a look at the European beverages sector and picked SABMIller, Britvic and Carlsberg as "the most attractively valued stocks".<br /><br />JP Morgan (JPM) said that growth in emerging markets is driving earnings improvements in the sector and although it has seen no evidence of a "sustained slowdown" across these markets, various individual markets are starting to show worrying signs of decelerating growth.<br /><br />JPM has "overweight" recommendations on <b>SABMiller</b> and <b>Britvic</b>, with price targets of 1,310p and 330p respectively. <br /><br />It is underweight on <b>Diageo</b>, where it has a price target of 850p, and neutral on Magners cider group <b>C&C</b>, where its price target is €3.10.<br /><br />KBC Peel Hunt has downgraded <b>Axon</b> to "hold" after Infosys refused to get in a bidding war with HCL for the business services software specialist.<br /><br />"In different market conditions, Infosys may well have raised its offer," opined KBC analyst Simon Strong. "This is not to be, and HCL looks to have succeeded in acquiring one of the UK's best IT service companies on an exit p/e of 16.7x," Strong said.
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