Execution Noble reiterates its “sell” rating on Thorntons. The group’s profit warning and the resignation of the chief executive shows that it is time for a new plan, according to Execution, which sees no catalyst for a positive investment case until the appointment of a new chief and the formulation of a plan that addresses tensions between various distribution channels.
DE LA RUE
UBS said that whilst De La Rue’s results were in line with expectations, it remains concerned about the level of contraction in the order book. UBS maintains a “sell” rating on the printing group and said the two year rolling average that the company provides has fallen. UBS said banknote printing is lumpy, and 2011 looks like a weaker year.
Royal Bank of Scotland (RBS) has issued a “buy” recommendation for Reed Elsevier and said that the publisher has been dogged by a cyclical downturn, structural concerns and strategic uncertainty but believes the investment case will look materially better in 12 months, and sees scope for the shares to rise from current depressed levels.
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