E-Malt.com News article: 3200

UK: Investment bank JP Morgan started coverage on Britain's biggest brewer Scottish & Newcastle Plc with an "underweight" rating on Monday, September 6, saying it is fighting a losing battle in its major beer markets. "The new CEO has impressed the stock market. However, we think it will soon realise that the group is fighting a losing battle against fundamental maturity in its major beer markets and will de-rate the shares once more," JP Morgan analyst Simon Hales said in a research note.

08 September, 2004