Scottish & Newcastle’s share price target has been raised by investment bank UBS. The bank yesterday upped its rating on the brewer to 395 pence from 380p. A “neutral” rating was kept on the stock. No further details were available. Scottish & Newcastle yesterday announced a rise in 2003 profits before tax of 0.9% to £471m, compared to the same period last year. Turnover grew to £5,512m, a rise of 17.1%, while operating profit grew by 8.7% to £636m.

25 February, 2004