Broker Upgrades and Downgrades & Key UK Corporate Snapshots 26 October 2015

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
BLND British Land Co Plc Credit Suisse Underperform Underperform 865 890
BRAM Brammer Plc Jefferies International Hold Buy 300 260
CAPC Capital & Counties Properties Plc Credit Suisse Underperform Underperform 395 450
DLN Derwent London Plc Credit Suisse Neutral Neutral 3650 4280
GPOR Great Portland Estates Plc Credit Suisse Outperform Outperform 895 1020
LAND Land Securities Group Plc Credit Suisse Neutral Neutral 1350 1450
NEX National Express Group Plc RBC Capital Markets Sector Perform Outperform 310
NEX National Express Group Plc Liberum Capital Hold Buy
NTG Northgate Plc Jefferies International Hold Buy 625 530
SHB Shaftesbury Plc Credit Suisse Neutral Neutral 880 995
Downgrades
AAL Anglo American Plc Citigroup Neutral Neutral 650 600
CMBN Cambian Group Plc Barclays Capital Overweight Overweight 311 200
GOG Go-Ahead Group Plc Liberum Capital Buy Hold
HOME Home Retail Group Plc Barclays Capital Underweight Underweight 120 100
LMI Lonmin Plc Barclays Capital Underweight Underweight 155 25.5
SHI SIG Plc JP Morgan Cazenove Neutral Neutral 200 165
SHP Shire Plc Jefferies International Buy Buy 6450 5600
SHP Shire Plc Credit Suisse Neutral Neutral 5680 5400
Initiate/Neutral/Unchanged
ABF Associated British Foods Plc Jefferies International Hold Hold 3010 3010
BARC Barclays Plc Nomura Buy Buy
BATS British American Tobacco Plc Nomura Buy Buy
BATS British American Tobacco Plc Jefferies International Buy Buy 4200 4200
BDEV Barratt Developments Plc Deutsche Bank Buy Buy
BG. BG Group Plc Nomura Buy Buy
BP. BP Plc Nomura Neutral Neutral
BVS Bovis Homes Group Plc Deutsche Bank Buy Buy
CWC Cable & Wireless Communications Plc Citigroup Neutral Neutral 77 77
CWC Cable & Wireless Communications Plc Barclays Capital Equal weight Equal weight 60 60
DEB Debenhams Plc Jefferies International Buy Buy 105 105
EZJ easyJet Plc JP Morgan Cazenove Overweight Overweight
GSK GlaxoSmithKline Plc JP Morgan Cazenove Neutral Neutral 1370 1370
IAG International Consolidated Airlines Group SA Nomura Buy Buy
INCH Inchcape Plc JP Morgan Cazenove Overweight Overweight 840 840
INDV Indivior Plc Deutsche Bank Buy Buy 300 300
ISAT Inmarsat Plc Nomura Neutral Neutral 900 900
LLOY Lloyds Banking Group Plc Nomura Buy Buy
NXT Next Plc Nomura Buy Buy
PTEC Playtech Ltd Nomura Buy Buy
RDSB Royal Dutch Shell ‘B’ Nomura Buy Buy
SGC Stagecoach Group Plc Nomura Buy Buy
SHI SIG Plc Deutsche Bank Hold Hold
SHP Shire Plc JP Morgan Cazenove Overweight Overweight 6600 6600
SL. Standard Life Plc Nomura Reduce Reduce
SL. Standard Life Plc Barclays Capital Equal weight Equal weight
SN. Smith & Nephew Plc Deutsche Bank Buy Buy 1250 1250
SN. Smith & Nephew Plc JP Morgan Cazenove Neutral Neutral 1069 1069
STJ St James’s Place Plc Nomura Buy Buy
STJ St James’s Place Plc Barclays Capital Overweight Overweight
TW. Taylor Wimpey Plc Deutsche Bank Buy Buy
WMH William Hill Plc Barclays Capital Equal weight Equal weight 385 385
WPP WPP Plc Nomura Buy Buy

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
BABA Alibaba Group Holding T.H. Capital Hold Buy $84 $84
AAPL Apple Maxim Group Hold Buy $144 $167
ATHN athenaHealth Raymond James Market Perform Outperform $160 $160
CAB Cabela’s Goldman Sachs Sell Neutral
EWBC East West Bancorp Wells Fargo Market Perform Outperform
ENTA Enanta Pharmaceuticals JMP Securities Market Perform Market Outperform $32 $32
EQT EQT Corp. KLR Group Accumulate Buy
EFX Equifax Stifel Hold Buy $120 $120
KMB Kimberly-Clark Societe Generale Hold Buy
KLAC KLA-Tencor Citigroup Sell Neutral
MNGPF Man Group Jefferies Hold Buy
MCD McDonald’s Piper Jaffray Neutral Overweight $130 $130
MSFT Microsoft BofA Merrill Lynch Neutral Buy
NTGR NETGEAR Raymond James Underperform Outperform $39 $39
PACB Pacific Biosciences of California Piper Jaffray Neutral Overweight
PGNX Progenics Pharmaceuticals Jefferies Hold Buy
SWK Stanley Black & Decker Credit Agricole Outperform Buy
TCK Teck Resources BB&T Capital Markets Hold Buy $10 $10
ZSPH ZS Pharma Morgan Stanley Equal weight Overweight
Downgrades
AEP American Electric Power Credit Suisse Outperform Neutral
AMAT Applied Materials Citigroup Buy Neutral
MT ArcelorMittal Credit Suisse Outperform Neutral
BANR Banner Keefe, Bruyette & Woods Outperform Market Perform
BEAV B/E Aerospace RBC Capital Markets Outperform Sector Perform $62 $47
BF.B Brown-Forman Stifel Buy Hold
CAB Cabela’s Wells Fargo Outperform Market Perform
CAB Cabela’s Raymond James Outperform Market Perform
CAB Cabela’s Barrington Research Outperform Market Perform
CAB Cabela’s Sterne Agee CRT Buy Neutral
CAB Cabela’s Northcoast Buy Neutral
CAM Cameron International Raymond James Outperform Market Perform
CX Cemex SAB de CV Barclays Overweight Equal weight $12 $9
CY Cypress Semiconductor Needham Strong Buy Buy $17 $12
DSX Diana Shipping Jefferies Buy Hold
DNBHF DNB ASA Citigroup Buy Neutral
DNKN Dunkin Brands Group Piper Jaffray Overweight Neutral
EMES Emerge Energy Services Seaport Global Securities Buy Neutral
ENTA Enanta Pharmaceuticals Barclays Equal weight Underweight $45 $16
FEYE FireEye Wedbush Outperform Neutral
FSL Freescale Semiconductor Bernstein Outperform Market Perform
GNC GNC Holdings Sterne Agee CRT Buy Neutral $52 $38
HFWA Heritage Financial Corp. Keefe, Bruyette & Woods Outperform Market Perform
IBTX Independent Bank Group Sandler O’Neill Buy Hold
KLXI KLX RBC Capital Markets Sector Perform Underperform $44 $36
LHO LaSalle Hotel Properties Credit Suisse Outperform Neutral
MJN Mead Johnson Nutrition Credit Suisse Outperform Neutral
MMSI Merit Medical Systems Barrington Research Outperform Market Perform
MCEP Mid-Con Energy Partners Ladenburg Thalmann Buy Neutral
NDAQ Nasdaq Wells Fargo Outperform Market Perform
OCUL Ocular Therapeutix Morgan Stanley Overweight Equal weight
P Pandora Media Piper Jaffray Overweight Neutral
P Pandora Media RBC Capital Markets Outperform Sector Perform $24 $20
P Pandora Media Pacific Crest Overweight Sector weight
P Pandora Media Albert Fried Overweight Underweight
P Pandora Media Oppenheimer Outperform Perform
P Pandora Media MKM Partners Buy Neutral $25 $14
PSO Pearson Plc Exane BNP Paribas Outperform Neutral
PEB Pebblebrook Hotel Trust Credit Suisse Outperform Neutral
PLXS Plexus Goldman Sachs Buy Neutral
SB Safe Bulkers Jefferies Buy Hold
SANM Sanmina Citigroup Neutral Sell
SFNC Simmons First National Raymond James Outperform Market Perform
SKX Skechers USA Buckingham Research Buy Neutral
SRCL Stericycle Robert W. Baird Outperform Neutral $145 $130
SRCL Stericycle Oppenheimer Outperform Perform
SYNA Synaptics Dougherty & Company Buy Neutral
TCK Teck Resources Deutsche Bank Hold Sell $5 $5
TCFC Tri-County Financial Keefe, Bruyette & Woods Outperform Market Perform
TRIB Trinity Biotech Craig Hallum Buy Hold
UCTT Ultra Clean Holdings Craig Hallum Buy Hold
UA Under Armour BB&T Capital Markets Buy Hold
USG USG Jefferies Buy Hold
VSH Vishay Intertechnology Citigroup Neutral Sell
WILYY William Demant Holding Goldman Sachs Buy Neutral
Initiated
ALNY Alnylam Pharmaceuticals Jefferies Buy $107
AQXP Aquinox Pharmaceuticals Needham Buy $25
BLUE Bluebird Bio Jefferies Buy $108
CBR Ciber Maxim Group Buy $7
DBVT DBV Technologies BofA Merrill Lynch Buy
RXDX Ignyta Jefferies Buy $18
KKD Krispy Kreme Doughnuts Sidoti Neutral $16
MMI Marcus & Millichap Wells Fargo Market Perform
PTCT PTC Therapeutics Jefferies Hold $26
SRPT Sarepta Therapeutics Jefferies Hold $28
TBRA Tobira Therapeutics Leerink Partners Outperform

 

Key UK Corporate Snapshots Today

1Spatial Plc (SPA.L) Announced that Nick Habgood has joined the Board of the company as non-executive director with immediate effect.

Alent Plc (ALNT.L) Announced, in its Q3 trading update for the period from 1 July 2015 to 30 September 2015, that its principal end-markets of electronics and automotive were slightly slower than anticipated in the first half of 2015, and this trend continued during the course of the third quarter. Industry forecasts for global electronic equipment revenue growth have continued to moderate through the period. There have been limited customer new product launches, coupled with the continued slowdown in certain economies, particularly China and South America. The Chinese automotive market was also slower. The company’s Net Sales Value (NSV) at constant currency decreased 2.9% in Q3 2015, a decrease of 3.5% on a reported basis, to £100.7 million (Q3 2014: £104.3 million). Pricing has remained stable and disciplined cost control maintained, leading to a stable NSV margin for the period. In a declining market, we believe we have grown market share. At a business unit level, Assembly Materials NSV decreased 4.0% on a constant currency basis, a decrease of 4.2% on a reported basis, to £49.6 million (Q3 2014: £51.8 million). In Surface Chemistries, NSV decreased 1.9% on a constant currency basis, a decrease of 2.7% on a reported basis, to £51.1 million (Q3 2014: £52.5 million). Also, the company’s net debt at 30 September 2015 reduced to £119.1 million, compared to £128.0 million at 30 June 2015.

AstraZeneca Plc (AZN.L) Announced that the US Food and Drug Administration’s (FDA) Arthritis Advisory Committee (AAC) voted 10 to 4 to recommend the approval of lesinurad 200mg tablets for the treatment of hyperuricemia associated with gout, in combination with a xanthine oxidase inhibitor (XOI). The AAC reviewed safety and efficacy data from the pivotal Phase III combination therapy programme trials, representing the largest clinical trial data set of gout patients treated with combination urate lowering therapy.

Avacta Group Plc (AVCT.L) Announced, in its preliminary results for the year ended 31 July 2015, that its reported revenue stood at £1.81 million, compared to £1.62 million in the preceding year. Loss net of tax was £4.89 million compared to £1.47 million. The company’s basic and diluted loss per share was 0.20p, compared to 0.04p.

Calculus VCT Plc (CLC.L) Announced, in its half year results for six months ended 31 August 2015, that it posted a loss before tax of £0.278 million compared to a profit £0.001 million posted in the same period preceding year. The basic and diluted loss per share stood at 4.1p compared to earnings of 0.0p reported in the previous year. The company’s cash balance stood at £0.123 million (2014: £0.002 million).

Caledonia Investments Plc (CLDN.L) Announced that it has agreed terms to acquire Gala Bingo Holdings Limited, the UK’s largest retail bingo operator, from Gala Coral Group Limited in a transaction which values the business at £241 millions. On completion will be subject to change of control approval of the Gambling Commission and finalisation of a £155 million senior debt facility, it will invest £97.8 million in cash to acquire 99.5% of the equity of Gala Bingo, with the management team subscribing a further £0.5 million.

CareTech Holdings Plc (CTH.L) Announced, in its post close trading update ahead of its results for the year ended 30 September 2015, that the board confirms that trading for the year is in line with market expectations. This performance has been underpinned by the strategic initiatives undertaken over recent years which have delivered a stronger year on year performance on all the key financial metrics. The company’s care pathways continue to be a key foundation for delivering positive outcomes for its service users. During the year, 45 additional beds in reconfigured services and new services have been brought into capacity. The group’s net capacity at the year end was 2,116 places (2014: 2,074 places). Occupancy levels in the mature estate have been improved to 93% (2014: 92%) and the blended occupancy remains approximately 86%. In the first half year the group raised gross funds of £21.0 million through a placing of 10,000,000 shares at a price of 210p per share. Net debt in total at the period end was £158.5 million (30 September 2014: £166.1 million). The company will announce its preliminary results in early December 2015.

CEB Resources Plc (CEB.L) Announced that it is currently focussing on the on-shore South Sumatran Basin in Indonesia and is looking at a number of opportunities, including possible farm-in agreements in the area, with a focus on oil and gas producing assets. It has to complete the due diligence on four potential assets for which it has presented offers to sellers for two of the four assets. The first asset for which the company made an offer has 80 wells currently drilled by the current operator while the second asset is a producing oil field which also has three completed gas wells. The third asset, for which the company is considering to make an offer, would be a joint venture with a large Indonesian state oil and natural gas company.

CloudTag Incorporation (CTAG.L) Announced the latest results from its independent user tests, carried out and verified in collaboration with the Human Performance Unit at the Centre for Sports and Exercise Science, University of Essex.

CVS Group Plc (CVSG.L) Announced that it has acquired the entire share capital of Highcroft, a provider of small animal veterinary services in the Bristol area comprising 13 surgeries. Completion took place on 23 October 2015.

Electra Private Equity Plc (ELTA.L) Announced, in its audited results for the year ended 30 September 2015, that its total investment income stood at £436.0 million, compared to £247.0 million in the preceding year. Profit after tax was £311.0 million compared to £162.0 million. The company’s diluted earnings per share was 785.26p, compared to 419.13p.

Escher Group Holdings Plc (ESCH.L) Announced that Jonathan O’Connell, the Group’s Chief Financial Officer, has decided to leave the Group. He will continue to work with the Group to facilitate an orderly handover to a new Chief Financial Officer.

Hargreaves Lansdown Plc (HL..L) Announced the appointment of Jayne Styles as an independent Non-Executive Director and as Chairman of the Investment Committee with effect from 23rd October 2015.

Intertek Group Plc (ITRK.L) Announced that it has acquired MT Group LLC and Materials Testing Lab, Inc. MT is a leading provider of materials testing and inspection services for the building industry in the New York metro area and gives Intertek closer access to one of North America’s high growth construction markets.

Majestic Wine Plc (MJW.L) Announced that from 27 October 2015 it is implementing a new pricing strategy throughout its store network and online, including removal of the six bottle minimum purchase rule. The new pricing proposition has been created with the aim of making the shopping experience simpler and easier for both new and existing customers. The decision to also remove the six bottle minimum purchase rule follows the previously announced successful trial in selected Majestic stores since Spring 2015 proving popular with both new and existing customers.

Omega Diagnostics Group Plc (ODX.L) Announced, in its trading update for six months ended 30 September 2015, that it expects turnover to grow by 11% to £6.15 million on constant currency terms from £5.69 million in the prior year. It continued its significant gains in Food Intolerance business throughout the Americas and the Middle East plus a number of markets in Asia and the Far East. Allergy/Autoimmune segment was affected by the results of its German domestic business on a constant basis. Infectious Disease segment remained its broadest in terms of geographical coverage as well as the most price-competitive in which it operates. It believes that once the current technical challenges will be resolved, its Visitect CD4 facility will be competitively positioned to become a major success for the group.

Plant Impact Plc (PIM.L) Announced, in its preliminary results for the year ended 31 July 2015, that its reported revenue stood at £4.51 million, compared to £2.51 million in the preceding year. Profit after tax was £0.12 million compared to loss net of tax £0.67 million. The company’s basic and diluted earnings per share was 0.20p, compared to loss per share of 1.00p.

Public Service Properties Investments Limited (PSPI.L) Announced that the board has to use the company’s £5.5 million available cash balances to effect the compulsory partial redemption, announced on 11 September 2015, through a mandatory purchase for cancellation of approximately 15.2 million shares (representing 40% of the company’s issued share capital) on a pro-rata basis at a price of 36.5p per ordinary share of the company from shareholders of the company on the register on 6 November 2015.

Rambler Metals & Mining Plc (RMM.L) Announced, in its financial results year ended July 31, 2015, that revenue stood at C$40.89 million, compared to C$62.11 million in the same period last year. Operating loss after impairment stood at C$14.12 million, compared to C$17.85 million. Loss after tax was C$10.15 million, compared to C$9.01 million. Diluted loss per share stood at C$0.070, compared to C$0.062.

Randgold Resources Limited (RRS.L) Announced that Tongon gold mine has paid off its shareholders’ loans of $448 million, used to partially fund its capital investment of $580 million, thereby moving it into a dividend-paying position.

Sareum Holdings Plc (SAR.L) Announced, in its final results for the year ended 30 June 2015, that its reported loss net of tax stood at £1.3 billion, compared to £0.8 billion in the preceding year. The company’s diluted loss per share was 0.06p, compared to 0.05p.

Sovereign Mines of Africa Plc (SMA.L) Announced that the exclusivity period with the potential partner has now lapsed, but the company will remain in discussions with the potential partner with a view to reach a formal agreement relating to the company’s Mandiana project.

Trinity Exploration & Production Plc (TRIN.L) Announced that Joel “Monty” Pemberton, Chief Executive Officer (CEO), has tendered his resignation, effective 31st December 2015, and that it has been accepted by the Board of Directors. This follows the pending divestment of substantially all of the company’s Onshore assets. With the forward focus on the company’s core offshore portfolio, Bruce Dingwall will take the role as Executive Chairman, with Nirmala Maharaj, currently Legal and Corporate Services Manager, taking on the role of Country Manager, both effective immediately.

Tri-Star Resources Plc (TSTR.L) Announced that following a review of resource allocation in Canada, Ken Hight has resigned as an Executive Director of the company with immediate effect. Tri-Star will continue to maintain its key properties in Canada, but the company will increasingly focus its management time and financial resources, in conjunction with its joint venture partners, on the ongoing development of the Oman Antimony Roaster Project.

WPP Plc (WPP.L) Announced, in its trading update for third quarter, that its reported revenue rose 5.9% to £2.927 billion, fell 1.6% to $4.533 billion in dollars, advanced 17.0% to €4.075 billion in euros and added 15.4% to ¥554 billion in yen. Its constant currency revenue rose 7.9% and like-for-like revenue advanced 4.6%. Its constant currency net sales advanced 6.1%, like-for-like net sales rose 3.3%.

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