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Numis has upgraded its recommendation for British oil and gas service provider Hunting from “reduce” to “buy”, after the company said it expected its 2014 financial year results to be in line with expectations. “We now believe the market is ahead of the sell-side and much of the downside risk is priced in,” said analyst Kathryn Leonard.
TATE & LYLE
Canaccord Genuity has upgraded British agribusiness Tate & Lyle from a “sell” to “buy” recommendation despite the company’s third profit warning in 12 months. Analysts Alicia Forry and Eddy Hargreaves said: “The US dollar should provide a tailwind and corn prices are currently forecast to rise during 2015, which would boost co-product income.”
Cantor Fitzgerald has retained its “buy” recommendation for specialist vehicle-brakes manufacturer Surface Transforms after sales rose 12 per cent in the first half. Analyst Andy Chambers said he awaits to see if Surface secures a number of mooted auto contracts.