UK & South Africa: West LB cuts SABMiller target to 1,070p

West LB cut SABMiller target to 1,070p from 1,120p following weakness in the rand, and reiterated add rating, Dow Jones Newswires communicated July 13.

West LB is expecting an upbeat presentation on its South African business July 14. It noted South African consumer spending growth remains robust and believes the recent rand weakness does not reflect an implicit deterioration in the underlying economy. SABMiller shares went -1.7% at 965.5p and -0.5% at ZAR128.46 in Johannesburg.

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