Credit Suisse has raised its target price for InterContinental Hotels by 20 per cent to 1,290p and has issued the hotel chain with an “outperform” rating. Credit Suisse upgrades 2010 earnings per share (EPS) forecasts for InterContinental by 18 per cent, due to stronger trading expectations for the Americas. With its forecasts ahead of consensus, Credit Suisse sees InterContinental as a strong EPS play.
Morrisons has been given a “buy” recommendation by Evolution Securities, which says it expects the supermarket chain to demonstrate again the benefits of its sales driven strategy, with industry leading, total sales growth of seven per cent. The company is trading well through the tough consumer environment, says Evolution, and says it is positioning itself well to benefit from an upturn in sentiment.
UBS says that despite reinvestment costs, ITV remains cheap in its view. UBS believes that this week’s interim management statement is likely to give further positive detail around second quarter trading. UBS says that ITV management has already confirmed that first quarter advertising was up seven per cent and therefore the focus is likely to be on second quarter advertising. UBS reiterates its “buy” rating.