Investec has upgraded the miner from “hold” to “buy” with a reduced target price of £73.32, down from £73.89. The broker has trimmed its forecasts after Randgold lowered its own outlook, but believes the recent share price fall presents a buying opportunity. Investec also thinks the recent problems at its mills are manageable and should be resolved by the end of the year.
Credit Suisse rates the interdealer broker “outperform” and has cut its target price from 510p to 420p. The broker notes that ICAP faces headwinds from lower market volumes, but it thinks this is already priced into the firm’s shares. Credit Suisse is slightly ahead of consensus forecasts, predicting pre-tax profit of £354m next year – though this is still below management expectations.
Goldman Sachs rates the travel firm “neutral” with a target price of 14p. Goldman has cut its earnings per share forecasts for the next two years by around 12 per cent, to account for banking fees and the dilutive effect of warrants under Thomas Cook’s new banking facility. Goldman sees the main risks to the firm as higher cost inflation and falling booking trends, while a rise in consumer confidence would help.