MARKS & SPENCER
Deutsche Bank rates the high street
giant a “hold” with a target price of 430p. The broker believes the benefits of new boss Marc Bolland’s overhaul of the stores will not be seen until 2012/13. However, DB says the retailer’s recent results pointed to strong sales momentum in the short term, with a pre-tax profit for the year of £720m.
Nomura rates the airline a “buy” with a target price of 500p. The broker forecasts pre-tax profit of £152m for the year to date, slightly below consensus estimates, with total costs to rise 7.7 per cent. It does not expect easyJet to clarify its expansion strategy at its results announcement due today.
UBS rates the bank “neutral” with a reduced 12-month price target of 305p. The broker has cut its estimates for 2010/11 earnings per share by five to six per cent, and for 2012/13 by 12 to 15 per cent. It points out that while Barclays can cope with the Basel III capital demands, it will limit returns for the foreseeable future.