Indofood Falls after Downgrade

S hres of PT Indofood Sukse Makmur, the country's biggest producer of instan noodles, fell to their lowest in more then three weeks after JPMorgan Chase and co. downgraded the stock and cut earnings forecates.
indofood clossed in jakarta at Rp 980 on frieday, down Rp 30 from 1,010 the day before.

the company lowered its profit estimate for last year by at least 15 percent to between 1 trillion ($88 milion) and 1.1 trillion according to stevanus juanda, a jakarta-based analyst at JPmorgan. Indofood will probably post a profit this year of Rp 750 billion juanda said.
jakarta-based indofood's stocking rating was lowered to "neutral"from"overweight"by juand, citing"weak"profit growth in 2009, a"significantly"lower profit contribution from edible oil and higher interest costs. he cut his 12-month target priece for the stock to Rp1,100 from Rp1,900
Indofood spokeswomen werianty setiawan in an E-mail couldn'tconfirm the prelininary 2008 figures as the company accunts are being audited, but said the audited earnings would be announced at the and of march.
the food processor posted Rp 980 billion in net income in 2007 on sales of Rp27.9 trillion. wwhile analysts expect a profit of Rp 1.45 trillion for last year