Imperial Tobacco "buy"

Source from:  newratings.com 06/22/2007

LONDON, June 21 (newratings.com) - Analyst Charles Manso de Zuniga of Dresdner Kleinwort maintains his "buy" rating on Imperial Tobacco (ITB.ETR). The target price is set to 2400p. In a research note published this morning, the analyst mentions that although the company’s share price has appreciated in the past few weeks and is close to the target price, there is potential for further upside. Imperial Tobacco is unlikely to be in a hurry to make a formal bid for Altadis and might get Altadis for less than €50 per share, the analyst says. At €50 per share, the deal may be 11%-12% earnings accretive for the company, Dresdner Kleinwort adds.