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Westhouse Securities reiterated its “add” rating. The broker stated that the company “may well be an M&A target”, although it warned that if interest rates rise rapidly profits will be impaired short term due to unrealised losses on bond portfolios. Target price is 618p.
Shore Capital reiterated its “buy” rating, citing robust trading momentum in the second half of 2014. The broker noted that UK sales had exceeded market growth, and said its recent trading update showed the group was on track to deliver another year of double-digit earnings growth.