Seymour Pierce reiterates its “sell” rating on Lloyds Banking Group despite the bank reporting an upbeat first quarter and updated 2010 forecasts. But, Seymour Pierce says that at the current rate of deposit growth, it will take until 2020 before its loans to deposit ratio falls back to below 1.0.
Evolution Securities maintains a “buy” recommendation on Premier Foods but cuts its price target to 37p. Evolution says the 5.1 per cent decline in headline sales was worse than it anticipated and it trims its 2010 trading profit forecasts. Despite this, it struggles to see any immediate catalysts for re-rating Premier Foods.
Numis maintains a “buy” recommendation on RSM Tenon and says that it won’t change target price or forecasts for the business advisory group either. Tenon has confirmed it will move to the full list from Aim on 27 May, says Numis. It expects Tenon to be included in the Allshare index at the September review.