Pernod Ricard shares hit their highest price for 10 years in September although first-half results announced last month were generally believed to have fallen short of analysts' expectations. The company, which has a market cap of Eu12.8bn, outperformed Diageo but also revealed that net profit was down 7.2% to Eu157m after exceptional expenses from the Allied Domecq acquisition. Analysts from Dresdner Kleinwort Wasserstein kept its buy rating with an unchanged target price of Eu167, but Deutsche Bank raised its target price from Eu155 to Eu160. Morgan Stanley kept its overweight rating and Eu155 price target, while Lehman Brothers lowered the target from Eu148 to Eu146 but continued to "view upside potential toward Eu170 if Allied were to deliver in full". The Business 02/10/05 page 15