04 May, 2007

UK: Scottish & Newcastle upgraded to ‘buy’

Brewer Scottish & Newcastle cheered a Goldman Sachs upgrade to ‘buy’ from ‘neutral’, with price target of 680p, but the shares have since lost their advantage, Sharecast reported May 3.

Goldman reckons Carlsberg may be considering a bid for S&N’s stake in the pair’s 50/50 Russian joint venture Baltic Beverage Holdings (BBH), which it believes would be earnings enhancing for both parties.

But it says downside risks remain, such as further declines in the UK beer market and a lack of any firm bid for the group.

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