Collins Stewart has issued a “sell” recommendation on Vodafone after Ofcom’s mobile termination rate (MTR) proposals to bring down rates. Collins Stewart said that it could have a 20 per cent drag on Vodafone's UK revenue by 2015. Over the four years Collins Stewart expect it will have a £330m impact on Vodafone profits.
Topps Tiles’ debt position is much improved from early last year, according to Execution Noble, who have reiterated a “buy” recommendation on the retailer. Execution Noble said that November’s fundraising looks like a very wise precaution and with the consumer environment likely to remain uncertain they believe Topps has long-term value.
Evolution Securities has issued a “buy” recommendation on restaurant group Prezzo. Prezzo’s profits before tax of £12.3m for 2009 beat their forecast by 12 per cent and the new year has also started well. Evolution Securities has said that Prezzo should generate rising surplus cash despite restarting new openings.