research note

Credit Suisse rates CPB as Outperform (1) - Target $41.30 (was $39.00). The broker has added Ammtec to its model and adjusting for this and currency movements sees minor changes to earnings forecasts.

Lead indicators for the Minerals division remain strong and so the broker retains its Outperform rating. Price target has increased to reflect an increase in peer multiples.

Target price is $41.30 Current Price is $35.25 Difference: $6.05 If CPB meets the Credit Suisse target it will return approximately 17% (excluding dividends, fees and charges).

The company's fiscal year ends in March. Credit Suisse forecasts a full year FY11 dividend of 133.40 cents and EPS of 190.20 cents . At the last closing share price the estimated dividend yield is 3.78%.

At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.53.

Pep :)