Evolution Securities rates the software company a “sell” with a target price of £11.75. The broker has cut its earnings per share forecast by 25 per cent for the fourth quarter, and by 22 per cent for 2011, following last week’s profit warning, but also sees a five per cent growth in revenue next year.
Arden Partners has upgraded the investment bank to “neutral” from “buy” with a price of 746p. The broker has upgraded its 2011 pre-tax profit forecast by 11 per cent and its forecast for 2012 by 26 per cent, on the back of expected continued growth, but still sits near the bottom of consensus estimates.
UNITED BUSINESS MEDIA
RBS rates the media group a “hold” with an upgraded target price of £6.30. It believes advertising volumes have picked up in certain sectors including its technology magazines. The broker has upgraded 2011 earnings per share forecast by 14 per cent to 63.4p, due in part to the group’s acquisition of Canon Communications.