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06.02.2008

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Food producers are on the menu for investors this morning, with Cadbury Schweppes leading the way.

JP Morgan yesterday upgraded its stance on Cadbury to 'overweight' from 'neutral', saying the chocolate and drinks company was likely to do well in a generally difficult food market. It also lifted its price target on Cadbury to 690p from 670p.

JPM cited Cadbury's undiscounted take-out potential, potential cash redistribution, attractive economics and shareholder activism. However, JPM said that the European food sector in general was not pricing in substantial risk of earnings downgrades.

It said rises in soft commodity, packaging and energy costs could cause cost inflation to double from 7% in 2007 to 14% in 2008.

It lowered its stances on Associated British Foods and sugar giant Tate and Lyle to 'underweight' from 'neutral', cutting ABF's price target to 870p from 1090p and keeping Tate and Lyle's at 420p.

Manpower Software succumbs to profit taking after rising at the beginning of the week on news of a new contract and holding steady yesterday following results.

On Monday it was announced that Imperial College Healthcare NHS Trust has selected Manpower Software's MAPS Healthroster solution for Trust-wide deployment following a comprehensive tender process.

Workforce planning software specialist Manpower said the Trust will use the system to manage its nursing workforce.

Yesterday the company announced a first half net trading profit of £0.6m, up from £0.55m, and said there had been strong performance from all parts of the business. The company has a bulging order book, giving the directors confidence in the company's ability to meet market expectations for the full year.

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