Best of the Brokers for 28 May 2015
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Numis reiterated its “buy” recommendation for the adhesives manufacturer, and said the last full year results from the firm were “extremely impressive”, with the dividend up by 50 per cent, “despite industrial markets that often remained highly challenging in Europe”. Target price increased from 180p to 211p.
Panmure Gordon reiterated its “sell” rating on the engineering firm, despite shares moving up on Tuesday after news that US rig counts “appear to have stopped falling”. The broker warned that it believes the rig count will fall another 50 per cent, which will likely hit Weir’s sales over the next 18 months.
Canaccord Genuity reiterated its “hold” rating on the bank, describing it as being “lost in transition”. The broker said the first quarter results “highlighted a weaker income environment as management de-risks the unsecured credit book, and a challenging quarter in principal and corporate finance”.