LONDON (ShareCast) - JP Morgan has lowered its price target on the Irish cider firm C&C to €37 from €39 following last week’s gloomy trading statement.
The Magners maker downgraded its guidance for the full year August 29.
“We do not think further downgrades are a surprise to investors given poor weather in Ireland and GB and market data showing Magners losing share in GB off trade,” the broker said.
Growth in the cider sector remains strong, but C&C may find it difficult to raise its market share, JPM said.
“Sunshine may no longer be enough to draw a line under the decline,” it said.
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