23 March, 2007

UK: SABMiller "overweight"

Analysts at JP Morgan maintain their "overweight" rating on SABMiller Plc, according to Newratings, March 21. The target price is set to 1,215p.

In a research note published this morning, the analysts mention that the 15% decline in the company’s share price since mid-January appears to have been overdone. The analysts anticipate a re-rating of SABMiller’s stock, since the company has been generating higher sales and EBIT growth than its peers. SABMiller is expected to retain at least 50% of the volumes following the loss of Amstel, and the loss is estimated to cost the company about $80 million in EBIT per annum, JP Morgan says.

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