BEST OF THE BROKERS
PROVIDENT FINANCIAL
Numis has issued a “buy” recommendation for Provident Financial and with the interim results coming up it details what it expects from the two core divisions: consumer credit and Vanquis. Overall, despite the current tough market conditions, Numis said it expects the group interim profits to be broadly flat.
TOTAL
UBS has raised its rating on Total to “buy” noting that the oil group has stepped up acquisition activity recently. Says its purchase of a 20 per cent stake in the Fort Hills project adds to Total’s critical mass in the oil sands. Belives this is an important improvement, although it has some reservations in terms of the quality of the assets.
MARKS & SPENCER
Citigroup has given Marks & Spencer (M&S) a “hold” rating and said in general merchandise, M&S looks to be the beneficiary of trading up activity with its exposure to a more confident older customer. However, Citi notes that this older customer was the first to enter the demand slowdown in Apr to June 2008.
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