JP Morgan Cazenove downgrades Campari to “underweight” noting that the June 2011 discounted cash flow derived price target is €3.80 (was €3.85) which is some nine per cent below the current share price. It notes Campari’s stock is up 14 per cent on an absolute level and relative to the local Italian index in the past month.
Centrica is positioned to deliver solid earnings growth, according to Bank of America Merrill Lynch (BoAML), which said Centrica will be helped by the impact of acquisitions, the absence of one-off charges, and the decision to allow margins at British Gas Residential to expand. BoAML rates the energy group “neutral.”
Numis issues Hardy Underwriting with a “buy” recommendation but said that shares are likely to remain weak until 2010 earnings risks recede towards the end of the hurricane season. However, on a longer term basis Numis remains positive given Hardy’s growth potential and current low rating.
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