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 [...]
HOW WILL THESE RESULTS AFFECT KRAFT’S PLANS TO BUY CADBURY? October 21, 2009 MARTIN DEBOO INVESTECCadbury have come out fighting. But, for us, the quality of the third-quarter and first-half growth is not premier cru. However, we think this will be enough to cause Kraft et al to think hard about a fair exit valuation. GRAHAM JONES PANMURE GORDONWe think this statement, plus confidence expressed about 2010 and [...]
HOW WILL THESE RESULTS AFFECT KRAFT’S PLANS TO BUY CADBURY? October 21, 2009 MARTIN DEBOO INVESTECCadbury have come out fighting. But, for us, the quality of the third-quarter and first-half growth is not premier cru. However, we think this will be enough to cause Kraft et al to think hard about a fair exit valuation. GRAHAM JONES PANMURE GORDONWe think this statement, plus confidence expressed about 2010 and [...]
WILL WE SEE THIRD QUARTER GDP FIGURES REVISED UPWARDS? October 25, 2009 RICHARD MCGUIRE RBC CAPITAL MARKETSWhile preliminary estimates of output are notoriously prone to revision, the clear indication here that the UK remains mired in an unprecedented recession provides a compelling argument in favour of the Bank opting for a precautionary increase in the QE limit come 5 November. PHILIP SHAW INVESTECThe continued contraction of the [...]
Joblessness sees slowest jump in a year October 14, 2009 UNEMPLOYMENT rose in September by less than had been predicted, with the number of Britons claiming jobless benefit increasing at the slowest rate for 16 months, official data showed yesterday, raising hopes that the recent swathe of job losses may be ending. The Office for National Statistics (ONS) said that the claimant count – which [...]
CITY MOVES WHO’S SWITCHING JOBS November 29, 2009 Norton RoseThe law firm has appointed Kate Alliott to its banking practice in London as a debt capital markets partner.Alliott joins from legal giant Clifford Chance, where she was a partner in the capital markets group. She has wide-ranging debt capital markets and structured finance experience, with a specialist focus on project bonds and infrastructure [...]
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 [...]
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” [...]
Informa eyes German rival November 24, 2009 INFORMA, the trade magazine publisher and events organiser, yesterday confirmed it was eyeing a takeover bid for German rival Springer Science and Business Media. Shares in Informa, which publishes the world’s oldest newspaper Lloyd’s List, tumbled on the news that it was interested in acquiring debt-laden Springer, owned by private equity firms Candover and Cinven. [...]
HOW DID THE MARKET REACT TO DEBENHAMS’ RESULTS? October 22, 2009 KATHARINE WYNNE INVESTECWe believe the combination of positive margin trends, evidence of improving full price sales despite a highly promotional stance, and Debenhams’ brand mix – which allows customers to trade up and trade down within the range – should support a higher valuation. KEITH BOWMAN HARGREAVES LANSDOWNDebenhams has climbed a very steep hill, with [...]