Insurance group Homeserve announced this week the acquisition of National Grid Energy Services contract business. Seymour Pierce says this is the long awaited deal that gives Homeserve critical mass in the US domestic repairs insurance market. On the back of this “good news”, it moves from “outperform” to “buy”.
Execution Noble maintians a “sell” rating on Danone after first quarter numbers were as expected with seven per cent underlying revenue growth. Execution Noble says that the dairy companys medium and long term prospects for the business will not start becoming clear until the second half of the year.
BANG & OLUFSEN
Standard & Poor’s (S&P) Equity Research downgrades high-end stereo manufacturer Bang & Olufsen to “hold” from “buy” having decreased its blended 12-month target price. S&P believes expectations building from the positive turn in sales trends could be diluted by pressure on gross profit estimates in the short term.
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