Panmure cuts its rating on Charter to “Hold” from “Buy” saying it is concerned over revenue visbility for 2011. Notes Howden’s order intake for delivery is lower than expected, and therefore likely to create a revenue shortfall. Believes the share’s underperformance is set to continue, barring a possible recovery in power sector orders.
BP’s sale of assets in the wake of the Gulf of Mexico disaster could provide a noticeable reinvigoration for the company, according to ING. The broker predicts $7bn in extra cash from the sell-off, and said the drop in volumes could be cushioned by growth in remaining assets. ING reiterated its “buy” rating with a 712p target price.
The insurer posted a decent set of results on Monday, said RBS, with first half performance exceeding consensus forecasts. However, the broker nudged back its pre-tax profit forecast for the year by six per cent, to £184.7m, given the challenging trading conditions and large losses on recent natural disasters. “Buy” at 395p.