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S&P Capital has raised it recommendation for oilfield services provider Petrofac from “hold” to “buy”. Analyst William King cited increased costs savings, a healthy order book and a “gain in offshore projects and operation offsetting a fall in onshore engineering an construction”.
Numis has lowered its recommendation for investment manager Ashmore Group on the back of a strong run since its interims. Analyst David McCann said: “We still see a flattish earnings outlook and a still decent 5.3 per cent yield, but we acknowledge the value case is not as strong as it was previously after the share price increase, hence our recommendation moves to add.”
Canaccord Genuity has reduced its recommendation for cafe chain Patisserie Holdings on valuation grounds. “The stock has risen by 40 per cent since the start of December 2014, and it has traded consistently above our 280p share price target through February,” said analyst Nigel Parson.