Shares in C&C fell more than10% this evening, after a broker downgrade on fears of weaker winter sales of Magners cider in Britain.
'There has been a significantly greater degree of seasonality in Britain this year than in developed C&C markets in previous years,' Merrion Stockbrokers analyst Robert Brisbourne said in a research note.
Shares in C&C, which have increased more than five-fold since a 2004 stock market debut due largely to a strong British debut for Magners, closed down 10.8% at a session low of €11.87.
After surveying pubs in London and Birmingham and speaking to management, Brisbourne said his previous earnings forecasts for C&C now looked overly optimistic and that he was cutting his recommendation on the stock to "hold" from "buy".
Brisbourne said that prior to the downgrade his expectations had been at the top end of analysts' estimates.
