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Numis has moved to “Hold” from “Add’, with the target price cut to 3,000p from 3,050p. The broker thinks first half results were solid, and remain positive in the long term case for Spirax, believing it to be a world leader in its field, but cut to “Hold” on recent share price strength.
Berenberg has maintained its “Sell” rating, but cut the target price to 421p from 434p. The broker believes that Amlin’s underwriting results have held up well in the year to date, but expects that pricing pressure will start to feed through into the firm’s underlying loss ratio in 2015.