BEST OF THE BROKERS
TATE & LYLE
Credit Suisse raised its forecasts for Tate & Lyle by four per cent for next year and seven per cent for the following year, upped its price target to 550p, from 300p, and upgraded its rating to “outperform”. The broker notes that the starch business is holding up and said that the new chief executive will be a positive influence.
SPEEDY HIRE
Noble said that Speedy Hire is under-performing its peers in challenging markets, which is odd as it has dominant market positions and a reputation for management and operational prowess. It questions the firm’s internal health and whether restructuring lies ahead, and downgraded it to “negative” from “neutral”.
INCHCAPE
Analysis of potential operational gearing benefits, combined with anticipation of an improved like-for-like sales trend in the third quarter, led Investec to upgrade its pre-tax profit forecasts for Inchcape by 14 per cent per annum. The broker increased its target price to 41p, from 27p, and moved its recommendation to “buy”.