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JUPITER FUND MANAGEMENT
Numis has upgraded to “Buy” from “Add”, with the target price upped to 480p from 475p. The broker thinks the recent share price fall was unwarranted, as while short term earnings growth is likely to be low, the broker believes there is an excellent long term structural growth story.
Westhouse Securities has downgraded to “Neutral” from “Buy”, and cut the target price to 110p from 180p. The broker believes while Afren’s assets in Kurdistan are high-quality and hold a lot of potential, at present any positives are overshadowed by the ongoing investigation at Afren.