CAPITAL & COUNTIES
Seymour Pierce has a “buy” rating on the London property investor and developer and has raised its target price from 220p to 233p after solid interim results. The figures provided the broker with confidence that the firm will hit the top end of consensus estimates. It also sees the Earls Court planning decision as a “transformational catalyst” for the company, and thinks it unwise to cut positions while this decision looms.
Numis has a “hold” rating on the asset manager and has reduced its target price by eight per cent 1,300p after as non-staff costs are set to be higher than expected due to infrastructure spend in the second half. The broker has also trimmed its pre-tax profit forecasts for the year by 11 per cent to reflect lower performance fees, and prefers rivals Jupiter and Aberdeen as stock picks in the sector.
Singer has a “Fair Value” rating on the industrial chain and power transmission product manufacturer but has lowered its target price from 37p to 23p following the firm’s profit warning. The broker’s earnings per share forecasts are 26 per cent lower for the year as revenue growth tails off and the flagging global economy batters its cyclical sales.