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Broker Upgrades and Downgrades & Key UK Corporate Snapshots 20 May 2016

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
ECM Electrocomponents Plc Jefferies International Hold Hold 195 270
INF Informa Plc Deutsche Bank Buy Buy 680 730
POLY Polymetal International Plc RBC Capital Markets Outperform Outperform 750 840
REL RELX Plc Deutsche Bank Buy Buy 1260 1335
SDY Speedy Hire Plc RBC Capital Markets Sector Performer Sector Performer 32 40
Downgrades
BRBY Burberry Group Plc RBC Capital Markets Underperform Underperform 1250 1175
FXPO Ferrexpo Plc Deutsche Bank Buy Buy 110 105
HSBA HSBC Holdings Plc Grupo Santander Hold Underweight 464
SXS Spectris Plc JP Morgan Cazenove Overweight Neutral 1765
Initiate/Neutral/Unchanged
ARM ARM Holdings Plc Deutsche Bank Hold Hold
ASCL Ascential Plc Deutsche Bank Buy Buy
AZN AstraZeneca Plc Deutsche Bank Buy Buy
BP. BP Plc Deutsche Bank Buy Buy
BTG BTG Plc Deutsche Bank Buy Buy 740 740
CEY Centamin Plc Morgan Stanley Overweight 130
CNE Cairn Energy Plc Deutsche Bank Buy Buy 220 220
DCG Dairy Crest Group Plc Credit Suisse Neutral Neutral 620 620
DMGT Daily Mail & General Trust Plc Deutsche Bank Hold Hold
GRI Grainger Plc Jefferies International Hold Hold 215 215
IFP IFG Group Plc Liberum Capital Buy 215
IMG Imagination Technologies Group Plc Deutsche Bank Sell Sell
INVP Investec Plc Deutsche Bank Buy Buy 610 610
MARS Marston’s Plc Jefferies International Buy Buy 180 180
MOSB Moss Bros Group Plc Peel Hunt Buy Buy 140 140
NG. National Grid Plc Deutsche Bank Hold Hold 900 900
PFG Provident Financial Plc Barclays Capital Overweight Overweight
PSON Pearson Plc Deutsche Bank Sell Sell
QQ. QinetiQ Group Plc Canaccord Genuity Buy Buy 262 262
RMG Royal Mail Plc Deutsche Bank Hold Hold 435 435
SHAW Shawbrook Group Plc Barclays Capital Overweight Overweight
SPH Sinclair IS Pharma Plc Jefferies International Buy Buy 60 60
SPT Spirent Communications Plc Deutsche Bank Hold Hold
STAN Standard Chartered Plc Berenberg Buy Buy 750 750
TPK Travis Perkins Plc Deutsche Bank Buy Buy
TRB Tribal Group Plc Investec Securities Buy 80
WMH William Hill Plc Jefferies International Underperform Underperform 280 280

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
AMIGY Admiral Group JP Morgan Underweight  Neutral
SAM Boston Beer Co Berenberg Sell  Hold
CNV Cnova Goldman Sachs Sell  Neutral
CMA Comerica Goldman Sachs Sell  Neutral
CMPGY Compass Group Credit Suisse Underperform  Neutral
DVN Devon Energy Johnson Rice Hold  Accumulate
HAL Halliburton Griffin Securities Neutral  Buy
LLL L-3 Communications Holdings RBC Capital Markets Sector Perform  Outperform $137 $150
LOW Lowe’s Cos Citigroup Neutral  Buy
MZOR Mazor Robotics Wells Fargo Market Perform  Outperform
RGS Regis Piper Jaffray Underweight  Neutral
Downgrades
AFMD Affimed NV Leerink Partners Outperform  Market Perform
BKU BankUnited Goldman Sachs Buy  Sell
BURBY Burberry Group Macquarie Outperform  Neutral
EOG EOG Resources Johnson Rice Accumulate  Hold
FNLPF Fresnillo Citigroup Neutral  Sell
HT Hersha Hospitality Trust BofA Merrill Lynch Buy  Neutral
HLT Hilton Worldwide Holdings BofA Merrill Lynch Buy  Neutral
H Hyatt Hotels BofA Merrill Lynch Buy  Neutral
SAAS inContact Craig Hallum Buy  Hold
LB L Brands Robert W. Baird Outperform  Neutral $84 $66
LB L Brands MKM Partners Buy  Neutral $83 $60
LXP Lexington Realty Trust Ladenburg Thalmann Buy  Neutral
LMT Lockheed Martin RBC Capital Markets Outperform  Sector Perform $244 $244
MARUY Marubeni Goldman Sachs Buy  Neutral
NCS NCI Building Systems DA Davidson Buy  Neutral $16 $16
NOC Northrop Grumman RBC Capital Markets Outperform  Sector Perform $222 $222
PBR Petroleo Brasileiro SA Raymond James Market Perform  Underperform
RGS Regis Piper Jaffray Neutral  Underweight
RLJ RLJ Lodging Trust BofA Merrill Lynch Buy  Underperform
SBRA Sabra Health Care REIT Mizuho Buy  Neutral $25 $20
Initiated
AA Alcoa Goldman Sachs Neutral $9
AMSC American Superconductor FBR Capital Outperform $14
ARWR Arrowhead Pharmaceuticals Chardan Capital Markets Buy $12
BKEP Blueknight Energy Partners Janney Neutral $6
BMTC Bryn Mawr Bank FIG Partners Outperform
CNI Canadian National Railway Credit Agricole Sell
CP Canadian Pacific Railway Credit Agricole Underperform
CSX CSX Credit Agricole Underperform
FCX Freeport-McMoRan Goldman Sachs Neutral $12
KALU Kaiser Aluminum Goldman Sachs Sell
KSU Kansas City Southern Credit Agricole Underperform
NSC Norfolk Southern Credit Agricole Outperform
SQ Square Piper Jaffray Neutral $10
TCK Teck Resources Goldman Sachs Buy $12
TIME Time Macquarie Outperform $17
UNP Union Pacific Credit Agricole Sell

 

Key UK Corporate Snapshots Today

Altitude Group Plc (ALT.L)  Announced, in its preliminary results for the year ended 31 December 2015, that revenues rose to £4.5 million from £4.4 million recorded in the previous year. Loss after tax narrowed to £1.3 million from £1.6 million.

Armadale Capital Plc (ACP.L)  Announced, in its final year results for the year ended 31 December 2015, that operating loss stood at £0.93 million, compared to £1.07 million. Loss after tax was £0.99 million, compared to £1.08 million. Basic and fully diluted loss per share stood at 1.91p, compared to 4.43p.

BGEO Group Plc (BGEO.L)  Announced, that it will publish its financial results for 1Q 2016 at 07:00 London time on Tuesday, 24 May 2016.

Brave Bison Group Plc (BBSN.L)  Announced that Brave Bison notifies that Kevin Deeley has today been appointed to the Board as Chief Financial Officer. He has been granted options over 7,114,295 ordinary shares of 0.1p each in the company.

CEPS Plc (CEPS.L)  Announced that Mark David Pollard has been appointed as a Non-executive Director of the company, with immediate effect, and will replace Richard Organ, who is retiring from his position on 20 June 2016.

Circle Oil Plc (COP.L)  Announced in its strategic review update that the company has received a number of indicative proposals, which are in the process of being evaluated, and is working to conclude the strategic review process as expediently as possible. After taking into account the company’s $77.5 million outstanding debt position and based on the indicative proposals received to date, it is likely that there will be little or no value attributed to company’s equity holders. The management continue to consider all options to maximise value for shareholders and stakeholders.

Close Brothers Group Plc (CBG.L)  Announced, in its trading update for the third quarter ended 30 April 2016, that the company’s performance improved during the quarter, with better loan book growth, tighter cost control and better market conditions for Winterflood. The loan book increased by 4.0% in the quarter to £6.2 billion (31 January 2016: £6.0 billion), benefited by strong growth in its leasing products and a seasonal uplift in motor finance. Asset Management witnessed robust net inflows in managed assets, which increased by 4% to £7.5 billion (31 January 2016: £7.3 billion). Total client assets increased by 2% to £9.3 billion (31 January 2016: £9.1 billion).

Conviviality Plc (CVR.L)  Announced, in its trading update for the year ended 1 May 2016, that the year has seen the transformational acquisition of Matthew Clark on 7 October 2015 and the Company significantly progress its strategy of leveraging its strength as the UK’s leading specialist alcohol wholesaler and distributor which will be further augmented by the acquisition of Bibendum PLB Group. The Company has traded well with Group sales increasing by 137% to approximately £864 million (2014/15 £364 million). During the year, Conviviality Retail opened 126 new stores. Matthew Clark has traded strongly since acquisition with sales up 4.9% on the corresponding prior period.

Meggitt Plc (MGGT.L)  Announced that Canada’s Department of National Defence has awarded Meggitt Target Systems (MTAS) a five-year National Individual Standing Offer (NISO) worth up to $35.0 million. The majority of the targets will be manufactured at MTAS’ manufacturing facility in Medicine Hat, Alberta with production deliveries expected this year.

Pendragon Plc (PDG.L)  Announced that it would commence an initial £20 million share buyback programme of its ordinary shares. The Company has today entered into an agreement with Jefferies International Limited (“Jefferies”) pursuant to which Jefferies will implement that programme on behalf of the company. The Board believes a £20 million share buyback programme will increase capital efficiency whilst ensuring the balance sheet remains strong, enabling the Company to pursue its investment strategy and progressive dividend policy.

ProPhotonix Limited (PPIX.L)  Announced in its annual general meeting that all matters put before the shareholders were duly passed.

Riverstone Energy Limited (RSE.L)  Announced, in its interim management statement for the period from 1 January 2016 to 31 March 2016 that NAV as at 31 March 2016 stood at $1,339 million. Total invested capital as at 31 March 2016 was $1,014 million or 75% of total capital available. Total committed capital was $1,722 million or 127% of total capital available. REL is well positioned to take advantage of industry upheaval.

Secure Property Development & Investment Plc (SPDI.L)  Announced, in its Q1 2016 Central and South Eastern European Real Estate Market Research update, that it currently has seven income producing properties in its portfolio, located in four South Eastern European countries and let to blue chip tenants. The company is focused on building a portfolio of income generating properties in South Eastern Europe, where the countries provide favorable supply and dynamics for modern commercial properties. Its strategy is to generate annual cash income from excellent covenant tenants, by acquiring properties that match its investment criteria at attractive yields providing substantial scope for capital appreciation as yields converge.

Slingsby(H.C.) Plc (SLNG.L)  Announced that Lee Wright, Sales & Marketing Director at the company, resigned as a Director of the company with immediate effect. His board responsibilities will be assumed by the other Directors for the foreseeable future.

Spectris Plc (SXS.L)  Announced, in its trading update covering the period from 1 January to 30 April 2016, that reported sales increased by 2% in the period. Regionally, LFL sales grew by 2% in Asia Pacific, whilst sales to North America, Europe and Rest of the World declined by 4%, 8% and 11% respectively. The Group continues to be highly cash generative and we maintain a strong financial position. Outlook for 2016 remains unchanged it is well positioned for the future.

Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.