![#](www.e-malt.com/images/left_top_corner16x200.gif) | E-Malt.com News article: Turkey: Efes Breweries "overweight," target price raised![Brewery news](https://e-malt.com/Images/BeerBullet2.gif)
Analysts at JP Morgan reiterate their "overweight" rating on Efes Breweries International NV (GNU), while raising their estimates for the company, Newratings reported March 11. The target price has been raised from $41 to $43.
In a research note, the analysts mention that the company is expected to continue to post robust volume growth in Russia and Kazakhstan. The combination of operations with Heineken in Kazakhstan and Serbia would help Efes Breweries expand margins, aided by potential synergies, going forward, the analysts say. The EPS estimates for 2008 and 2009 have been raised from $1.29 to $1.37 and from $1.88 to $1.95, respectively.
12 March, 2008
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