Dresdner Kleinwort Wasserstein has raised its target price for Pernod Ricard to Eu167 from Eu153. The investment bank kept its ‘buy’ recommendation and said: "We are becoming increasingly confident of Pernod's ability to achieve its cost savings target of Eu310m" following Allied Domecq acquisition. DKW said fears over integration risk and underperformance from Allied brands were "overdone" and that first half results would support this.