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Peel Hunt initiates coverage of the business support services firm with a “buy” rating and a target price of 2,980p. Peel Hunt says that the firm has consistently delivered high returns on capital, cash conversion, and dividend and earnings growth.
Cantor Fitzgerald maintains a “sell” recommendation on the retailer and reduces the target price by 25 per cent to 70p. Cantor says it is concerned about overvaluation given profit pressures in the UK.
TATE & LYLE
Investec upgrades its rating for the food ingredients company to “buy” from “hold” and increases the target price to 900p from 860p. The broker expects upside from the shares after the market digests the firm’s full year results released last week.