JPMorgan reiterates Overweight rating, price target raised to €106 from €93
- Firm expects ABI to achieve faster MT profit growth than peers and superior medium term earnings growth. This is driven by a return to near flat volume growth in the US from investment, innovation and an underlying market improvement with still robust price/mix. In Brazil, they continue to see DD EBIT growth from FY14E after the slowdown in FY13.