UBS upgrades Wolseley’s rating from “neutral” to “buy”, and keeps its target price at 3,500p ahead of the building supplier’s quarterly results. UBS believes the firm’s growth has accelerated in recent months, particularly in the US, and sees a chance of another special dividend.
LEGAL & GENERAL
Morgan Stanley raises the insurance group’s target price from 184p to 192p and reiterates its “equal weight” rating following “very strong sustained performance” against other European insurers during the first half of the year.
Cantor Fitzgerald reiterates its “sell” rating for Bunzl and target price of 1,060p ahead of first-half results next Tuesday. The broker does not believe the company warrants a premium valuation, despite the business model’s “good defensive qualities”.