BEST OF THE BROKERS
GLAXOSMITHKLINE
Royal Bank of Scotland (RBS) has given GlaxoSmithKline (GSK) a “buy” rating and said that it believes that the drug company is returning to sales growth in 2010 on an underlying basis, excluding pandemic flu sales. RBS has made some minor adjustments to its sales and costs forecasts ahead of GSK’s second quarter results.
MICHAEL PAGE
Citigroup has raised its rating on Michael Page from “hold” to “buy” citing an acceleration in the recruitment group’s gross profit in the UK and Europe. Citigroup said that UK gross profit has seen sequential improvement, the final large market to turn for the group. Citi notes that company confidence remains robust.
TULLOW OIL
Numis has rated Tullow Oil as “add” saying that the company’s investments in Ghana are undervalued. Numis said it is apparent that the oil company is on-track and believes infrastructure investments will play pivotal roles in the development of future discoveries. Numis was impressed by Tullows’ investments in Accra and Takordi.