FinnCap reiterated its “hold” rating on the manufacturing firm after a trading update which prompted the broker to reduce its forecasts for 2015 and 2016. Year-end debt has been increased to £160m in part due to dollar debt translation. Target price is cut from 193p to 185p.
JARDINE LLOYD THOMPSON
Panmure Gordon reiterated its “buy” rating on the insurance group, after results for 2014 which fell in line with consensus. The broker expects the firm’s earnings per share to increase in 2015 and 2016, and accordingly has increased target price from 990p to 1150p.
Numis reiterated its “reduce” rating on the troubled outsourcing company. The broker said strengthening the balance sheet through a £555m rights issue is a “quick fix” relative to the time it will take to unwind the contract errors of the past.