BEST OF THE BROKERS
Execution Noble gives William Hill a “buy” rating and said it expects marginal upgrades to full-year numbers based on the bookmaker’s first half performance. But, given World Cup benefit would have spilled into the second half, according to Execution, the interims should provide flavour on further support.
BAE Systems has been given a “buy” rating by UBS, which said that the Hawk seems to be a programme of future potential excitement. UBS said BAE has decided to proprose the aircraft for a replacement contract for the USAF T-38 trainer jet and estimates this opportunity is worth comfortably north of £5bn.
Commerzbank has returned to profitability, according to Citigroup, which gives the bank a “sell” rating. However, the longer-term prospects for Commerzbank remain clouded by the significant capital shortfall and the requirement to dispose of Eurohypo, according to Citi.