DO G4S PROFITS LOOK SAFE? November 9, 2009 GUY HEWETT INVESTEC“The results highlight that there have been no material changes, and the group continues to benefit from growth in new markets. While we expect organic growth to be relatively hard to achieve, given the economic background, security in terms of volumes is relatively defensive.” MIKE ALLEN PANMURE GORDON“Trading remains in line with expectations, [...]
DOES THIS MARK AN END TO THE POLICY OF QUANTITATIVE EASING? November 5, 2009 PHILIP SHAW INVESTEC“The schedule suggests that the operations should cease in the run up to the February MPC meeting, which means there will be some tapering off in QE. We will learn more in the MPC minutes (due 18 November), and while we are keen not to rule anything out, we suspect that this will [...]
IS THE MARKET REACTION TO THE C&W UPDATE JUSTIFIED? November 5, 2009 MORTEN SINGLETON COLLINS STEWART“The market has reacted to the downgrade for the full year, but we think this is a great opportunity to buy into Cable & Wireless. There will likely be some uplift after the news of the de-merger, albeit small as it was a well-flagged event, though there was scant detail on the [...]
‘Last year I was the new guy’ November 4, 2009 IF newcomers to the England set-up want advice on how to make an impact at Test level, they could do far worse than speak to Ugo Monye. In the space of 12 months the versatile Harlequins back has gone from uncapped hopeful to a key figure in Martin Johnson’s England side, and a British and [...]
SHOULD THE MARKET TAKE HEART FROM LOGICA’S RESULTS? November 4, 2009 DEREK BROWN SEYMOUR PIERCE“One thing of note was how strong their public sector business is in the UK. It is possible that this has been driven by the sector bringing things forward ahead of the election next year, when they will be forced to cut spending. I am therefore a bit cautious about income from [...]
BEST OF THE BROKERS November 3, 2009 RYANAIRRBS said that there is a lack of visibility on Ryanair’s equity, as it reiterated its “buy” rating with a reduced target price of 350p. The broker highlighted the airline’s uncertain growth rate as it comes to terms with the maturing of its business, and said that getting Boeing to engage in serious aircraft negotiation [...]
BEST OF THE BROKERS November 2, 2009 ALTERNATIVE NETWORKSInvestec said Alternative Network’s acquisition of Aurora Kendrick James Group for up to £5.5m, 82 per cent in cash, is a ringing endorsement of its market-leading capabilities and platform. It upgraded its 2010 earnings per share estimates for the firm, increased the target price to 150p and reiterated its “buy” rating. PUNCH TAVERNSKBC Peel [...]
WHAT DO YOU THINK THE MPC WILL DECIDE? November 1, 2009 JAMIE DANNHAUSER LOMBARD STREET RESEARCH“A disappointing initial third quarter GDP estimate and a sharp drop in broad money in September gives the doves ammunition. On balance, the MPC is likely to keep the asset purchase facility unchanged next week. Expect there to be dissenters, however.”JONATHAN LOYNES CAPITAL ECONOMICS“With the previous extension to QE now complete [...]
BEST OF THE BROKERS October 29, 2009 GLAXOSMITHKLINECollins Stewart increased its price target for GlaxoSmithKline from 1,360p to 1,383p due to higher long-term forecasts for selected products. It made minor changes to its shorter-term forecasts following a third-quarter performance that was generally in line with forecasts. The broker reiterated its “buy” recommendation. TRINITY MIRRORGoldman Sachs downgraded Trinity Mirror from “buy” to “neutral” [...]
BEST OF THE BROKERS October 28, 2009 CADBURYInvestec said that Cadbury’s interim management statement should be good for valuations of the firm, but that a more contingent approach to the potential end-games leads it to be less bullish overall. The broker decreased its target price for the stock to 840p and downgraded its rating to “hold”. BPCitigroup said that, with BP trading [...]