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Numis keeps Vesuvius, which supplies metal flow engineering expertise, at “add”‘ with a target price of 450p. Numis says: “Its shares are likely to mark time until there is evidence of either growth in the US steel market or greater certainty to forecasts.”
S&P Capital IQ has maintained a “Hold” call on BAE Systems and has cut its 12-month target price to 500p from 530p. Although BAE is confident of sales to Saudi Arabia and Australia, it “needs orders from two countries with falling mineral wealth, which leads us to stay cautious”.