WILL WALLIS NUMIS
While UK growth has been “good”, Europe overall is flat, implying that mainland Europe is into negative territory. It is appropriate to be cautious about Q4 and beyond and we pull our recommendation back to Hold from Add.
JULIAN YATES INVESTEC
While the US is slowly improving and emerging markets are solid, mainland Europe seems to have slightly worsened. The stock is not particularly cheap and post the recent bounce, we expect it to fall back.
GEORGE O’CONNOR PANMURE GORDON
With a lean summer ahead, in our view, Euroland gets worse before it gets better. The valuation looks toppy for Sage and in the absence of growth, we retain our Hold recommendation.