Broker snap: C&C warming up, JPM says
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JPM has lifted its price target on C&C Group to €5.10 from €4.80, following the Magners cider maker's recent full-year results.
In a note with the title 'Warming up', The broker, which keeps its neutral rating on C&C, said the results were 'were slightly better than we had expected'.
The group should also benefit from limited marketing spending in new European markets and a reduction in fixed costs for every litre of cider produced, JP said.
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However, it noted that the company is still very weather dependent and vulnerable both to competition and a worsening of the market in its home market Ireland.
It keeps its 'neutral' rating on the stock.
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