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Canaccord Genuity downgraded its target price for the owner of the Daily Mail and Metro newspapers, Daily Mail and General Trust, to 815p from 855p, but kept its “hold” rating as it predicted the group’s full year results would be in line with lower guidance. But the broker was “reassured” they would not be lower than market estimates. The group announced last week a one per cent decrease in reported revenue in the 11 months to August, on the back of weaker advertising performance.
H&M failed to impress investors with their third-quarter results last week, and while analysts at Haitong reiterated their “buy” recommendation, they dropped their fair value price by 10 per cent to 360 Swedish krona , saying margins had been suffering for “longer than expected”. However, the broker had faith in H&M’s long-term investment strategy, saying forex trends would support growth.
Berenberg analysts upgraded Unilever to “buy” with a target price of 3,050p, saying the consumer goods group had displayed consistently strong growth. This is despite forex and inflationary pressures and predicting growth in emerging markets will pick-up, although “do not assume a quick rebound”. An increase in new product launches, along with the potential for growth online and in China, were also key factors.