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Risk Warning
30/06/2011
Peel Hunt upgraded engineering firm Charter International from hold to buy, following yesterday’s 780p-a-share bid from sector peer Melrose. “The proposed cash/shares mix provides Charter shareholders with a carry in the potential value uplift and there is also the prospect of a competing bid.” The target price was raised to 850p, from 750p.
Prime Markets labelled CD and DVD retailer HMV the “short sellers weapon of choice”, recommends a sell and target price of 7.5p. With the debt pile growing in spite of the Waterstones and HMV Canada sale, the broker suggested to sell into any strength until the interim statement on 9 September.
Matrix cut its target price for oil firm Cairn Energy given that the sale of part of its stake in Cairn India to Vedanta looks more likely. “Assuming the deal is approved, all the focus will be on Greenland drilling. We are cutting our target price to 410p from 445p and retaining our hold recommendation.”
Peel Hunt placed its rating and numbers under review at identity theft and credit card insurer CPP after the group mentioned no resolution to the ongoing investigation by the Financial Services Association (FSA). The broker said that “with no resolution of the FSA investigations or comment on the possible timing of a resolution of the investigations our numbers and recommendation remain under review.”
finnCap confirmed a buy rating and 100p target price on high street retailer Debenhams after Thursday’s update showed that the group is broadly on track to deliver in line results. Still, “the shape of the income statement will be different to our previous expectations,” noted analyst David Stoddart, explaining that profits in the second half will be broadly as expected, but revenues will be higher and margins will be worse.
Panmure Gordon kept its buy rating and upped its target price from 120p to 130p for brewing and pubs group Marston’s, saying that management is successfully executing a “well-thought-out strategy.” “Management is quietly making significant strides to reposition the group to achieve a more balanced earnings profile, drive earnings growth, improve returns and reduce leverage whilst maintaining and subsequently growing its best-in-class dividend.”
Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily a guide to future performance. Trading in these markets is generally considered to be suitable only for the more experienced investor as it carries a high degree of risk. An investor may not receive back the amount of their original investment and in certain circumstances may be liable for a sum that is greater than their original investment. If in any doubt, please seek independent financial advice.