HOW DO YOU RATE CADBURY

JULIAN HARDWICK RBS
“We expect consensus earnings forecasts will be revised down as analysts review their
currency assumptions, and this is likely to have some adverse impact on the shares in the near term despite the generally reassuring tone of this update we say “hold”.

JEREMY BATSTONE-CARR CHARLES STANLEY
“Our “hold” recommendation is based on our perception that the shares’ valuation now
more accurately reflects operating reality. There are investor concerns regarding the group’s ability to achieve like-for-like sales growth within its target range.”

GRAHAM JONES PANMURE GORDON
“We have re-run our currency model and increased our margin expansion assumption. As such, our earnings per share forecast for 2009 falls by 2 per cent from 35.7p to 35.0p. As a consequence, we are trimming our price target from 660p to 625p, but reiterate our “buy” recommendation.”