UK MAIL GROUP
Cantor Fitzgerald reiterated the delivery service’s “buy” rating, following a quarterly update which showed trading is in line with expectations. While the broker was cautious on the firm’s near-term outlook, it said the company is “a clear winner in the shake-up of the UK parcels market”.
Numis reiterated its “hold” rating for the credit group and said that the company offers the “ideal combination of low risk with sustainably high risk adjusted margins”. The broker highlighted the group’s consumer credit business Vanquis, which it pointed out “has exceeded all expectations”.
Canaccord Genuity cut the trader’s rating from “buy” to “hold” after the sudden upturn in the Swiss franc cost the firm £30m. While the one-off charge is unlikely to hit long-term earnings, the broker said it “highlights the potential risk of extreme volatility to IGG’s risk management system”.