Citigroup cautious over C&C stock

CITIGROUP has downgraded its recommendation on the C&C stock to “hold”.

In a brief research note on the Clonmel and Dublin-based drinks group which makes the twin cider brands Bulmers and Magners, Citigroup said: “Our belief is that the new experienced management will stabilise C&C in the long term, but we conclude that now is not the time to buy.”

Citigroup analysts also said that while a sale of the group is still a possible long-term event, “signs of stabilisation are required first”. The company has also lowered its full year share target price for C&C from €2.15 to €1.10.