N+1 Brewin has maintained its “buy” rating and upped its target price from 3p to 3.12p on Blavod Wines & Spirits following a trading update, as well as upgrading its forecasts. The broker says that the arrival of a new chairman, Don Goulding, should act as a catalyst to reverse a prolonged period of underperformance, with the 2012 results already showing that a more focused client approach is having a positive impact.
WH Ireland has initiated coverage of the marketer of promotional goods with a “buy” rating and a target price of 375p. The broker says that although the firm has less than one per cent share of a very fragmented market, its business model means it has doubled sales in US dollars over the last five years, and recently improved its pension deficit by selling off non-core assets for net proceeds of £19m.
Peel Hunt has initiated coverage of the Falklands-focused explorer with a “buy” rating and a target price of 70p. The firm has recently discovered commercial volumes of oil close to its Sea Lion field which the broker says has significantly de-risked Desire’s acreage, and it also says there is a good chance that further material volumes could be found.