Arden has increased its target price by seven per cent to 440p. With no loss making days in the last 18 months and bad debt at under 0.1 per cent of revenue in the first half of 2010, IG’s effective risk management underlines the broker’s upgrade to “buy”. IG has strong growth prospects through demographic and geographic expansion.
Fears over key patent expiries leave shares trading at a significant discount to competitors, but are exaggerated, says Edison. AstraZeneca benefited from shortages of swine flu vaccine, simultaneously decreasing working capital by $1.3bn. Consensus estimates are therefore conservative, and Edison forecasts an adjusted EPS of $5.60 in 2014.
Adam Crozier’s appointment as CEO is a welcome one given his experience with modernisation, say Standard and Poor’s.
S & P forecasts a return of the mergers and acquisitions theme at ITV, with a potential stake sale by BSkyB subject to approval by regulators. Despite the risks of a regulatory backlash, S&P has reiterated its buy recommendation.