Broker snap: Citi raises a glass to Britvic

26th Mar 2010 09:58

Expectations of robust trading in the UK and the potential for mergers and acquisitions activity have prompted Citigroup to up its target price on Britvic, the soft drinks firm that distributes Pepsi in the UK, to 500p from 445p.Citi notes that the soft drinks market has remained resilient, with fizzy drinks performing well in particular. It also thinks that Britvic was too cautious in its January update when the company said that the wintery weather conditions had affected sales. Citigroup has a 'buy' rating on Britvic.