Canaccord Genuity has started covering the insurer with a “buy” rating and a target of 330p ahead of an interim management statement due today. The broker cheers Esure’s track record of delivering better underwriting profitability than the rest of the market, and thinks its strong base of female drivers through its Sheilas’ Wheels brands is particularly valuable.
UBS rates the electrical components group “neutral” and has lowered its 12-month price target from 250p to 220p in light of a weak start to the year. The broker thinks Laird will need to significantly pick up the pace if it is to meet full-year revenues and profits targets. While this could be driven by any new Apple product launches, UBS remains cautious and has cut its forecasts by six to nine per cent.
Morgan Stanley rates the asset manager “overweight” and has raised its target price from 2,350p to 2,727p. The broker has hiked its earnings forecasts to 25 per cent ahead of consensus estimates, supported by strong growth in some products. Schroders’ recent purchase of Cazenove should add around six per cent to earnings in 2014, Morgan Stanley adds.