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UPDATE: Citigroup Initiates Vina Concha y Toro at Buy with $47 PT on Lower Wine Costs

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End-of-Day Market Summary for December 7, 2011

Citigroup initiated its coverage on Vina Concha y Toro (NYSE: VCO) with a Buy rating and a price target of $47.

Citigroup noted, "Our Buy rating is mainly based on our expectation for lower wine costs starting in 3Q12, and these accounts for 45% of total production costs. In addition, we highlight the ongoing consolidation of U.S. subsidiary Fetzer (acquired in 2Q11), and our expectation for higher average selling prices from a rebalancing of the sales mix towards premium wines."

Vina Concha y Toro closed at $38.27 on Thursday.

Latest Ratings for VCO

DateFirmActionFromTo
Jul 2012CitigroupInitiates Coverage onBuy

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