11 April, 2006

UK: SABMiller price target lifted by JP Morgan

JP Morgan lifts its price target for SABMiller to 1,250p from 1,220p, keeps overweight rating, Dow Jones Newswire posted on April 10. Follows a lift in '07 EPS by 1.2% to 129.9 cents owing to a weakening in sterling against the dollar and "earnings accretion from changes in minorities, lower tax than expected and strong trading in China." But cuts 06 EPS by 1.6% to 109.9 cents "as we expected a refinancing of debt (at a lower coupon) in Colombia in early 2006 which has not occurred." Shares closed at 1,119p.

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