Broker snap: SABMiller price target cut again
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Rising cost pressures prompted Citgroup to downgrade its rating on SABMiller to 'hold' from 'buy' and cut its price target to 1,245p from 1,450p, ahead of the brewer's fourth quarter volume performance on April 16.
The broker added that it was lowering estimated volume growth to reflect macro-economic uncertainties.
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The downward re-rating comes the day after JP Morgan trimmed its price target on SABMiller to 1,525p from 1,580p, also pointing to slow volume growth, but kept its overweight rating.
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