Morgan Stanley has started covering the support services group with an “equal-weight” rating and a target price of 345p. The broker sees solid momentum in the firm’s order book, in spite of uncertainty around the value of the government’s Green Deal.
UBS has cut the insurer from “buy” to “neutral” and lowered its target price from 860p to 780p after the firm’s takeover bid for Cathedral Capital. The broker sees the deal as a departure from Lancashire’s strategy of staying lean and selective during tough markets.
GULF KEYSTONE PETROLEUM
Westhouse has started covering the oil explorer with a “sell” recommendation and target of 155p. The broker prefers Afren as a better play on the Kurdistan energy sector, and aside from the slight possibility of a takeover bid sees few catalysts for GKP shares.