WM MORRISON SUPERMARKETS
Shore Capital head of research and supermarket expert Clive Black has welcomed WM Morrison Supermarket’s announcement that it is partnering with UK Motor Fuel Group for forecourt convenience stores at five petrol stations. Black said the move demonstrated “better thinking” than Morrisons’ previous failed convenience store experiment under the brand “M-Local”, but said that additional selling space would “not move the dial” on the company’s “materially eroded” like-for-like sales figures.
Numis analysts upgraded Close Brothers to a “buy” rating yesterday, saying the financial services group is a “proven, high quality, low risk lender that is now valued at a discount”. The analysts said that while Close has “significantly underperformed its higher growth, new peers”, such as Aldermore, OneSavings and Shawbrook, it has unfairly lost the “premium valuation that its track record… deserves”.
Liberum has initiated coverage of PureTech Health, the Boston-based healthcare company that had its initial public offering (IPO) in London earlier this year, with a “buy” rating. Liberum analysts said that the firm’s “top-down thematic, venture build” business model had created seven companies that it valued at $222m (£144m) – but the analysts said they thought PureTech was “worth even more”.