Standard & Poor’s has upgraded its rating on Mediaset to “buy” from “hold” citing the Italian media company’s recent full-year results. Despite the 41 per cent drop in 2009 profits, S&P belives the fact that February revenues at Telecinco were up by as much as 40 per cent, will result in revenue growth in 2010.
Numis reiterates its “buy” rating on Premier Oil highlighting its $113m net income in its 2009 results, which was ahead of Numis’ forecast. It notes that its Indonesian and Vietnamese developments are also going according to budget and schedule. Sees scope for further production growth in UK?undeveloped reserves.
Evolution Securities reiterates its “buy” stance on GlaxosmithKline saying the market is underestimating the sustainability of Advair’s franchise sales. Evolution expects flat sales initially, but says this will grow to up to five per cent of the market between 2010 and 2015. Says this level of growth is not yet priced into the shares.