BEST OF THE BROKERS
BMW
Barclays Capital reiterates a “strong buy” for BMW, based on its new forecasts. BarCap said that it believes that the luxury market provides a safehaven in the volatile European auto sector, due to its net exports, strong emerging market sales and lack of exposure to scrappage schemes.
PERSIMMON
JP Morgan Cazenove said that Persimmon indicated yesterday that its half-year operating margin would be 7.5 per cent and its assessment is that this is not a bad guide for the full-year. JP Morgan issued a “neutral” rating citing the fact that Persimmon is willing to trade volume for margin.
BT
Morgan Stanley gives BT an “overweight” rating and said that it believes the group’s shares offer an attractive combination of restructuring potential and new product growth and the pension deficit could be moving down given market moves, reduced benefits and the Crown Guarantee.