Singer Research rates the asset manager a “buy” with an upgraded target price of 400p. The broker sees a second leg of growth available in the emerging markets, and views performance in this region as already ahead of rivals. Overall operating margins should improve from 36 per cent to 40 per cent this year.
Numis Securities rates the training company a “buy” with a target price of 178p. The broker says that the firm’s training and events division has now stabilised following the downturn. Numis predicts pre-tax profit to rise slightly above estimates in 2011 to £13.5m, with earnings per share of 10.6p.
CLAPHAM HOUSE GROUP
Seymour Pierce has upgraded the restaurant chain from “sell” to “hold”, and suggests investors should accept Nando’s cash offer at 74p. The broker says the bid looks likely to succeed, and that preliminary analysis suggest the offer values the group at 7.6 times historic enterprise value.