JP Morgan Reiterates Underweight on CEDC, Lowers Target to $3.85

JP Morgan maintains its underweight on CEDC

as it lowers the price target to $3.85 from $6.50 as it updates estimates to reflect company guidance. JP Morgan says, "We are updating our estimates following CEDC's Q3 results. Our new 2011 estimates are in line with CEDC's guidance at the net sales level (JPM forecast $915m, CEDC guidance $850m-$950m) and at the EPS level (JPM forecast $0.32, CEDC guidance $0.25-$0.45)." CEDC closed at $4.56 per share on Thursday.