Morgan Stanley raises its price target for Misys to 300p with an “overweight” rating saying the announcement of the share placing by Allscripts crystallises the value of healthcare. Morgan Stanley said it expects the positive stock reaction to continue. Misys estimates $1.35bn in proceeds from the share placing.
JP Morgan Cazenove initiates coverage of Essar Energy with an “overweight” rating and said that it notes two potential near-term positive triggers: 1) Pump price deregulation and 2) Ratna production sharing contract (PSC) validation – management remains confident that the PSC will be finalised by the end of June or early July.
Defensive balance sheets across the group give Royal Bank of Scotland (RBS) confidence in Santander’s ability to survive an orderly European sovereign debt restructuring without issuing new capital. RBS cuts its earnings forecasts by six per cent and its target price to €13.00 (£10.71), but maintains a “buy” rating.
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