Credit Suisse has decided to downgrade to Neutral from Outperform, reflecting the political risk and uncertainty associated with the China export market.
The broker’s channel checks indicate distributors may have become hesitant to order. Target is reduced to $8.50 from $12.30 to account for the temporary and short-term risk.
Sector: Food, Beverage & Tobacco.
Target price is $8.50.Current Price is $7.98. Difference: $0.52 – (brackets indicate current price is over target). If TWE meets the Credit Suisse target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).
