UK: WestLB cuts SABMiller price target to 1,120p

WestLB cuts SABMiller price target to 1,120p from 1,160p due to updated foreign exchange and input cost assumptions, Dow Jones Newswires communicated July 03.

Meantime, it maintains add rating, and believes SABMiller's focus on merger and acquisition activities will overshadow this. WestLB says its two recent M&A deals with Postobon in Colombia and the acquisition of the Sparks and Steel Reserve brands have bright prospects. It said the core business and fundamentals remain strong, and is positive on the outlook for SABMiller's share price. Trades were up +0.8% at 982.5p.