Canada, Toronto, Nov 5 (Reuters) - Shares of Sleeman Breweries Ltd. fell almost 7 % on Friday, November 5, as analysts followed in the brewer's tracks and lowered their profit estimates for 2004 and 2005, according to Reuters. Sleeman, whose brands include Honey Brown and Cream Ale, fell 73 Canadian cents, fell 6.7 percent to a low of C$14.16 on the Toronto Stock Exchange early on Friday, before climbing back to C$14.38, off 80 Canadian cents or 5.2 percent.
The Guelph, Ontario-based brewer cut its full-year earnings per share forecast to the lower end of a 10 percent to 15 percent growth range on Thursday, citing one-time costs and price competition in the Ontario market.
In light of Sleeman's move and significant industry challenges, CIBC World Markets lowered its earnings per share estimates for 2004 and 2005 and cut its target price on the company's stock to C$14.50 from C$15.50. CIBC also lowered its rating on the company's stock to sector underperformer from sector performer.
Scotia Capital cut its one-year target price on the brewer's stock to C$16.50 from C$17 and lowered its profit estimates for 2004 and 2005. Raymond James downgraded its rating on the company's stock to perform from outperform and lowered its profit estimates for 2004 and 2005.
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