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Numis has raised its rating from “add” to “buy” and keeps its price target at 2,750p following an investor seminar. The broker said Carnival has suffered falling returns in the wake of the Costa Concordia crash last year, but that an impending advertising campaign is a mark of confidence.
Liberum has downgraded the outsourcer from “buy” to “hold” with a target of 145p, down from 165p, believing that the firm’s long-term prospects are solid but that investors should wait for a better entry point. Liberum thinks the market is premature in pricing in Xchanging’s turnaround.
Espirito Santo has slapped a “sell” rating on the engineer with a fair value of 950p as part of a review of its aerospace and defence coverage. The broker thinks Rolls is entering a period of weaker cash conversion and there are market risks in the firm’s marine business.