p;C ASSET MANAGEMENT
Singer Capital Markets trimmed estimates on F&C yesterday following a pre-close briefing with the company, to reflect slightly higher variable staff costs. But the broker said the share price remains at a discount within the sector after a year of strong fund performance. It kept its “buy” rating with a target price of 95p.
After an investor day on Monday, Evolution said Deutsche’s potential share value is not being realised due to legacy issues and its capital deficit, estimated to reach €4.7bn (£4.2bn) in 2011. The broker kept Deutsche as a “buy” after the bank set ambitious targets for 2011, when it expects operating divisions to make €10bn in pre-tax profit.
Investec yesterday upped forecasts on sport retailer Sports Direct in line with its hiked estimates and improved cashflow. However, despite raising its price target to 65p, the broker kept its “sell” rating on the stock, claiming increased competition from JJB means Sports Direct will have to reinvest in its stores to keep leading brands on side.