Record demand for smartphone chips lifts ARM October 23, 2012 ROCKETING interest in Apple products meant sales at chip designer ARM Holdings have increased by a fifth over the last year, sending shares in the Cambridge-based firm up more than 10 per cent yesterday. The company beat market expectations to see revenue hit £145m in the third quarter of the year, up from £120m in [...]
Best of the Brokers October 23, 2012 DIRECT LINE Nomura has begun to cover the newly listed firm with a “reduce” rating and a target price of 174p. Nomura said it was confident in Direct Line, but this was already factored into the price. LLOYDS Ian Gordon at Investec has advised investors to sell the bank’s shares and “seek refuge” in Barclays, claiming [...]
Canaccord Genuity has lost its head of broking Erik Anderson October 22, 2012 ERIK Anderson has left Canaccord Genuity as its head of corporate broking. Anderson left the firm for the last time a few days ago. He joined Collins Stewart, which was then taken over by Canaccord, from Investec. “Erik has decided to leave the firm and to pursue other interests,” an internal memo informed colleagues. “Erik [...]
Is Devro’s profit warning more than just a blip for the firm? October 22, 2012 DARREN SHIRLEY | SHORE CAPITAL We continue to believe Devro’s medium to long term growth dynamics remain intact, with structural growth potential underpinned by very healthy margins, a strong balance sheet, robust cash generation, an international capability and continuing investment in new manufacturing capability. CHARLES PICK | NUMIS SECURITIES The top line of the update [...]
Best of the Brokers October 22, 2012 GO-AHEAD Shore Capital has upgraded the transport group from “sell” to “hold” after an investor day where the firm laid out plans to target £100m in profit from its UK bus business by 2015-16. AGGREKO Following last week’s profit warning, Panmure Gordon has downgraded 2012 and 2013 forecasts, but kept its “hold” rating on the temporary [...]
Bumi will reinforce the need for better governance October 18, 2012 While London continues to struggle to create an attractive environment for companies in search of fresh equity, the last thing it needs is a daily diet of allegations and counter-allegations about a deal, lauded as a triumph by banks such as JP Morgan, Credit Suisse and Evolution (before its sale to Investec) only two and [...]
Go-Ahead’s bus plan impresses as revenues rise October 18, 2012 SHARES in transport group Go-Ahead leapt 5.8 per cent yesterday as it reported strong trading and ambitious growth plans for its UK bus business. The firm told investors that it aims to organically grow operating profits in buses to £100m over the next three years, up from the £70m it generated this year. Go-Ahead also [...]
Best of the Brokers October 18, 2012 AVIVA Morgan Stanley rates the insurer “overweight” and cheers it as one of the key picks in the sector, but has moved its target price from 406p to 404p after fine-tuning earnings forecasts. XCHANGING Panmure Gordon has upgraded the IT and outsourcing firm from “sell” to “hold” and hiked its target from 75p to 115p, [...]
Racing bullish on life after Frankel, insists chief of Jockey Club October 18, 2012 THE ‘sold out’ signs are already firmly in place outside Ascot Racecourse ahead of tomorrow’s Qipco British Champions Day, as 32,000 horseracing fans prepare to descend on Berkshire to get one last glimpse of Frankel before he takes up stud duties. It is difficult to evaluate the true Frankel factor but a capped growth just [...]
City Moves | Who’s switching jobs October 17, 2012 RBS Invoice Finance James Shaw has been appointed head of portfolio, corporate at the invoice finance division of RBS. He joins from GE Capital, where he worked for 12 years. Shaw will be responsible for delivering audit and risk management to the firm’s corporate client base. Nomura Kaan Basaran has been appointed head of origination [...]