LEGAL AND GENERAL
UBS rates the investment and insurance group as “neutral” and reduces its target price to 95p from 114p, due to a nine per cent decline in the sector since June. The broker reduces its 2012 shareholder equity forecast by five per cent, and sets the new price target at 68 per cent of the European embedded value shareholders’ equity, in line with the sector. UBS says L&G risks eroding returns by hoarding capital in difficult trading conditions.
JP Morgan rates the housebuilder as “overweight” with a target price of 58p, after an analyst day where it set out the group’s vision for its long-term strategy. The broker says medium-term guidance is within its expectations and there will be no change in forecast, and that the group is right to believe that growing volumes aggressively risks leading to declining quality of land and
Goldman Sachs rates the consumer goods and healthcare group as “neutral” and reduces its target price from 365p to 356p to reflect changes to its earnings estimates. Risks to the broker’s view and price target include further material movements of input costs, acceleration of growth in Nigeria or Indonesia, or a sequential slowdown in the UK and Greece. Goldman predicts earnings per share of 17.4p for 2012, and 19.77p in 2013.