BEST OF THE BROKERS
VEDANTA RESOURCES
Goldman Sachs cut its 2010 earnings estimates for Vedanta to $1.75 per share following the miner’s second-quarter production release and an investor conference call. The broker retains a “neutral” stance on the stock, with a lower price target of 2,426p, to reflect the lower estimates and higher March 2010 net debt.
HALFORDS
KBC Peel Hunt upped its price target for Halfords from 400p to 450p, after the retailer’s stronger than expected second-quarter trading update, with sales and margin delivery ahead of the broker’s expectations. It sees scope for ongoing sales and margin growth to deliver further outperformance.
CENTAUR MEDIA
Investec said that, like many print-biased cyclical names that were hit early in the downturn, it has seen a material re-rating of Centaur recently. It believes the shares are currently running ahead of the medium-term earnings potential, and believes 2010 and even 2011 could be a tough year for Centaur, which it rates a “hold”.