Citi rates the drinks company a “hold” and has raised its target price to €3.85 (236p), from €3.50. The broker thinks C&C will struggle to grow its profit in 2012, with concerns about consumer sentiment in Ireland and Scotland in particular. Citi also thinks that cider’s young demographic means brand loyalty is less, and expects to see a slowdown in sales growth.
UBS has downgraded the healthcare business to “neutral” from “buy” and has lowered its target price by €2 to €60 (£52) after its recent share price gains. The broker thinks the current share price reflects the firm’s lower peer valuation, though 2012 could see sales momentum from trial data and regulatory decisions.
Goldman Sachs rates the software group a conviction “buy” with a 12-month target price of £25. The broker expects that the announcement of a services partnership with Logica will leave the firm well placed to soar, with further potential for bolt-on acquisitions and contract tenders. Goldman thinks Aveva’s sales growth will outperform the sector next year.