Broker snap: Dresdner toasts SABMiller update
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Shares in SABMiller received a boost today when Dresdner Kleinwort upgraded its recommendation on the brewer to 'buy' from 'add' following yesterday's trading statement.
The broker said firmer revenues growth prompted it to raise its earnings per share forecasts on the Miller and Peroni beer firm, adding that it expected full year results to be at the top end of expectations. It also lifted its target price on the brewer to 1,250p from 1,150p.
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SABMiller's fourth quarter update yesterday reported lager volume growth of 11% for the year with organic growth of 7%. Revenue grew by some 16%, benefiting from price increases and mix improvements, which have offset the impact of higher input costs.
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