Goldman Sachs rates the steel maker “buy” but has slashed its target price from 700p to 410p. The broker has cut its forecasts for commodity prices, resulting in a four per cent fall in assumptions across the industry this year. However, Goldman remains positive about steel, and thinks Evraz is well-positioned to improve as demand for its products in Russia improves.
Canaccord Genuity rates the investment firm “buy” with a target price of 694p. The broker thinks Hargreaves will continue to grow its assets under administration by an underlying 20 per cent a year, in spite of the FSA’s plans to shake up the investment platform market. The firm’s position at the forefront of the industry will ensure it attracts new retail customers, the broker reckons.
Credit Suisse has cut its rating from “outperform” to “neutral” and has dropped its target price from £38 to £35. The broker has also lowered its earnings estimates for the coming two years by seven per cent thanks to currency changes and a fall in output. Reckitt’s reliance on growth in the developed markets means it continues to battle with economic headwinds more than its peers.