JULIAN YATES INVESTEC
Russia, India and Europe are strong, China is recovering, Brazil is still weak and the net update is positive. This is not enough to take the shares higher on a near-term basis. However the long term prospects of E3D look very compelling. We retain “Buy” and upgrade target price to 2,450p.
GEORGE O’CONNOR PANMURE GORDON
No surprises – short and hits the spot – Aveva’s operational news is in line with our expectations; no change to estimates. In time E3D sales could translate gushing comment into a snip of an upgrade, maybe as early as quarter four. Until then a “Hold” and 2,332p target feels about right.
DAVID TOMS NUMIS SECURITIES
As usual, it’s succinct and qualitative rather than quantitative and unsurprisingly reports a continuation of the trends from the interims. Quarter three is relatively unimportant vs quarter four due to the heavy weighting of rental renewals. We make no changes: “Buy”, and a 2,470p target.