Nomura Securities Maintains a 'Neutral' on Coca-Cola Hellenic (CCH); Cutting PT After Q3 Results

Nomura Securities maintains a 'Neutral' on Coca-Cola Hellenic Bottling (NYSE: CCH) price target cut to EUR13.50.

Nomura analyst, Edward Mundy, said, "Q3 top line was in line with our estimates, but we underestimated the negative margin momentum from higher input costs, negative volume momentum and negative mix. We reduce our target price from EUR 16.50 to EUR 13.50 to reflect weak Q3 reporting and slower near-term momentum (F11 and F12 cut EPS by 9%), as well as a moderation of growth rates within our discounted cash flow (Developing markets from 7% to 5% and Emerging markets from 9.5% to 7%). Although we detect deterioration in consumer confidence in key markets, we see company execution adapting to the challenging environment."

For an analyst ratings summary and ratings history on Coca-Cola Hellenic Bottling click here. For more ratings news on Coca-Cola Hellenic Bottling click here.

Shares of Coca-Cola Hellenic Bottling closed at $18.17 yesterday.

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