Japan: Asahi Breweries’ shares rated as "overweight," target price raised

Analysts at Morgan Stanley announced on October 11 they maintain their "overweight" rating on Japanese beer maker, Asahi Breweries Ltd. The target price has been raised from ¥1520 to ¥1650.

In a research note published this morning, the analysts mention that the upward revision in the target price partly reflects a shift in the company's focus towards earnings recovery during FY06. The operating profit estimate for Asahi Breweries has been reduced from ¥95.3 billion to ¥93.5 billion to reflect the impact of the sluggish sales of low-malt beer, Morgan Stanley adds.

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