UPDATE - Nomura Securities Initiates Coverage on Beam Inc (BEAM) with a Reduce; Momentum May Slow From Here

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UPDATE - Nomura Securities initiates coverage on Beam Inc (NYSE: BEAM) with a Reduce. PT $40.00.

Nomura analyst, Ian Shackleton, said, "While we continue to see attractive fundamentals in global spirits in the medium term, we would be cautious in the short term on a US slowdown in 2012, and with 65% of Beam’s EBIT generated in the US, momentum may slow from here for the next few months. We also argue that Beam’s share price has been driven up above its fair value as a result of bid speculation with the shares trading on 22x ‘12E."

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