Nov. 4 (Bloomberg) -- Kraft Foods Inc. may scrap its approach for Cadbury Plc and make a new offer for the U.K. confectioner in a year’s time, JPMorgan Chase & Co. analyst Pablo Zuanic wrote in an e-mailed note today.

Zuanic cut his price estimate for Cadbury shares to 780 pence from 820 pence, also citing the “lack of competing bids,” and criticized “the quality of recent profit margin gains” at the U.K. confectioner. Cadbury shares closed yesterday at 777 pence.

JPMorgan has “a growing belief that Kraft could walk away and come back only a year later, when investors would have a better sense of Vision Into Action’s true potential,” Zuanic said, referring to Cadbury’s cost-cutting plan.

Last Updated: November 4, 2009 02:55 EST