Nomura retains a “buy” rating for the marine ports operator, with a target price of 1,040p. Forecasts are for first half underlying net profits to be up 13 per cent year-on-year. Gross volumes were up 11 per cent for the first half, while consolidated volumes increased by 2.3 per cent. The broker forecasts a one per cent increase in revenue per TEU (twenty-foot equivalent container units), and two per cent reduction in unit cost per TEU.
UBS upgrades the real estate investment group’s rating to “buy” from “neutral”, with an unchanged target price of €28. Earnings of €0.77 per share beat the broker’s estimate of €0.72 per share, thanks to a 20bps lower average interest rate following the refinancing of 10 per cent of debt in the first half. The firm aims to refinance €160m of loans in the second half, and UBS feels any debt cost reduction could be a positive EPS catalyst.
Morgan Stanley rates the medical devices developer as “underweight”, with a target price of DKr710. The broker is concerned that the firm is highly exposed to EU austerity, with an expected slowdown in European GDP and subsequent pressure on EU government health care spending likely to hit the firm. The broker models a significant slowdown in earnings growth from 41 per cent for the full year 2011 to 13 per cent in the full year 2012.