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Cadbury Schweppes (CSG ): Reiterates 3 STARS (hold)
Analyst: Jelena Karafotias

The ADRs were down Friday as Cadbury says it expects operating margin expansion in 2005 to be below its 50-75 basis-point target because of higher energy and packaging costs, hurricane disruptions, and growth-related investments. It expects revenue growth near the top of its 4%-6% target range. Our current 2005 estimates are for 30 bps wider operating margin and 5% organic sales growth. We continue to believe that increased competitive activity in the U.S. will impact Cadbury for the rest of 2005. We are keeping our 2005 earnings per ADS estimate at $2.44 and our 12-month target price at $40.
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