Broker Upgrades and Downgrades & Key UK Corporate Snapshots 08 January 2016

UK Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
CCC Computacenter Plc Barclays Capital Underweight Equal weight 715 800
ELM Elementis Plc BofA Merrill Lynch Neutral Buy
GKN GKN Plc BofA Merrill Lynch Underperform Buy
ISAT Inmarsat Plc Berenberg Sell Sell 870 900
ITV ITV Plc Berenberg Sell Sell 194 240
REL Reed Elsevier Plc Berenberg Buy Buy 1170 1300
RSA RSA Insurance Group Plc Nomura Neutral Buy 495 495
SGRO Segro Plc Exane BNP Paribas Neutral Outperform 490
SHB Shaftesbury Plc Exane BNP Paribas Underperform Neutral 970
TSCO Tesco Plc Barclays Capital Equal weight Overweight 190
Downgrades
AVV Aveva Group Plc Barclays Capital Equal weight Equal weight 2200 1530
AVV Aveva Group Plc Berenberg Buy Buy 2450 1800
BLND British Land Co Plc Societe Generale Buy Hold 850
BLT BHP Billiton Plc Macquarie Outperform Neutral 760
BP. BP Plc JP Morgan Cazenove Overweight Overweight 400 350
CAPC Capital & Counties Properties Plc Exane BNP Paribas Outperform Neutral 460
CNE Cairn Energy Plc JP Morgan Cazenove Overweight Overweight 187 170
DLG Direct Line Insurance Group Plc Nomura Buy Neutral 400 400
DLN Derwent London Plc Exane BNP Paribas Neutral Underperform 3680
ENQ EnQuest Plc JP Morgan Cazenove Neutral Neutral 52 46
FXPO Ferrexpo Plc JP Morgan Cazenove Neutral Neutral 48 28
GENL Genel Energy Plc JP Morgan Cazenove Overweight Overweight 610 430
INTU Intu Properties Plc Societe Generale Hold Sell 300
INTU Intu Properties Plc Exane BNP Paribas Neutral Underperform 320
MKS Marks & Spencer Group Plc Berenberg Hold Sell 560 380
OPHR Ophir Energy Plc JP Morgan Cazenove Neutral Neutral 120 112
PAY PayPoint Plc Barclays Capital Equal weight Underweight 850
PLND Poundland Group Plc Exane BNP Paribas Outperform Neutral
PMO Premier Oil Plc JP Morgan Cazenove Neutral Neutral 78 60
RNK Rank Group Plc Peel Hunt Add 289 289
SIA Soco International Plc JP Morgan Cazenove Underweight Underweight 142 137
SYNT Synthomer Plc BofA Merrill Lynch Buy Neutral
TLW Tullow Oil Plc JP Morgan Cazenove Overweight Overweight 310 295
WTB Whitbread Plc Nomura Buy Buy 5900 5690
Initiate/Neutral/Unchanged
AGK Aggreko Plc Nomura Reduce 796
AV. Aviva Plc Nomura Buy Buy 670 670
BG. BG Group Plc Barclays Capital Overweight Overweight 1600 1600
BNZL Bunzl Plc Nomura Buy 2123
BP. BP Plc Barclays Capital Overweight Overweight 600 600
CPI Capita Group Plc/The Nomura Buy 1406
FDSA Fidessa Group Plc Barclays Capital Underweight Underweight 1860 1860
GFS G4S Plc Nomura Neutral 242
GPOR Great Portland Estates Plc JP Morgan Cazenove Overweight Overweight 975 975
INF Informa Plc Berenberg Hold Hold 530 530
JE. Just Eat Plc JP Morgan Cazenove Overweight Overweight
MKS Marks & Spencer Group Plc JP Morgan Cazenove Neutral Neutral 550 550
PSN Persimmon Plc JP Morgan Cazenove Underweight Underweight
PSON Pearson Plc Berenberg Sell Sell 730 730
RDSA Royal Dutch Shell ‘A’ Barclays Capital Overweight Overweight 2750 2750
RDSB Royal Dutch Shell ‘B’ Barclays Capital Overweight Overweight 2750 2750
RMG Royal Mail Plc Liberum Capital Sell 360
RST Restore Plc Peel Hunt Buy 359
SKY Sky Plc Berenberg Sell Sell 784 784
SRP Serco Group Plc Nomura Neutral 96
ZPLA Zoopla Property Group Plc Berenberg Buy Buy 300 300

 

US Broker Upgrades / Downgrades

 

 

Code Company Broker Recomm. From Recomm. To Price From Price To
Upgrades
ANF Abercrombie & Fitch Wolfe Research Peer Perform Outperform
ADTN ADTRAN MKM Partners Neutral Buy $16 $21
MDRX Allscripts Healthcare Solutions RBC Capital Markets Sector Perform Outperform $14 $19
AAL American Airlines Group Credit Suisse Neutral Outperform
ADM Archer-Daniels-Midland Standpoint Research Hold Buy
BASFY BASF Bernstein Market Perform Outperform
BK Bank of New York Mellon JP Morgan Neutral Overweight
BAH Booz Allen Hamilton Holding Wells Fargo Market Perform Outperform
BKE Buckle Standpoint Research Hold Buy
CHRW C.H. Robinson Worldwide RBC Capital Markets Sector Perform Outperform $72 $75
CACI CACI International Wells Fargo Market Perform Outperform
CVGW Calavo Growers DA Davidson Neutral Buy $53 $58
CABGY Carlsberg A/S Societe Generale Sell Buy
CERN Cerner RBC Capital Markets Outperform Top Pick $70 $75
CRL Charles River Laboratories Wells Fargo Market Perform Outperform
C Citigroup Portales Partners Underperform Sector Perform
CMA Comerica Robert W. Baird Neutral Outperform $46 $46
CUZ Cousins Properties Robert W. Baird Neutral Outperform $12 $12
DFS Discover Financial Services Deutsche Bank Hold Buy $61 $64
EVER EverBank Financial Raymond James Outperform Strong Buy
EXFO EXFO CIBC Sector Underperform Sector Perform
FCFS First Cash Financial Services Sterne Agee CRT Neutral Buy
HOFT Hooker Furniture BB&T Capital Markets Hold Buy $33 $33
HST Host Hotels & Resorts Robert W. Baird Neutral Outperform $21 $20
KPLUF K+S AG Bernstein Market Perform Outperform
KRC Kilroy Realty Robert W. Baird Neutral Outperform $72 $72
LXK Lexmark International Standpoint Research Hold Buy
NDSN Nordson Wunderlich Hold Buy $75 $75
OSHC Ocean Shore Holding Sandler O’Neill Hold Buy
OLN Olin Nomura Neutral Buy
PXD Pioneer Natural Resources Citigroup Neutral Buy
RBGLY Reckitt Benckiser Group HSBC Securities Hold Buy
RLI RLI Corp Keefe, Bruyette & Woods Underperform Market Perform
SAIC Science Applications International Wells Fargo Market Perform Outperform
BSRR Sierra Bancorp Raymond James Market Perform Outperform
SLG SL Green Realty Robert W. Baird Neutral Outperform $132 $132
SNMRY Snam SpA Goldman Sachs Sell Neutral
LUV Southwest Airlines Morgan Stanley Underweight Equal weight
SPMYY Spirent Communications Liberum Hold Buy
STT State Street JP Morgan Underweight Neutral
SHO Sunstone Hotel Investors Robert W. Baird Neutral Outperform $18 $17
VIPS Vipshop Holdings Credit Agricole Outperform Buy
WFC Wells Fargo Citigroup Neutral Buy
WTKWY Wolters Kluwer NV Bernstein Market Perform Outperform
YARIY Yara International ASA Bernstein Underperform Market Perform
Downgrades
FCCY 1st Constitution Bancorp Raymond James Outperform Market Perform
ALK Alaska Air Group Credit Suisse Outperform Neutral
APLE Apple Hospitality REIT Robert W. Baird Outperform Neutral $22 $21
WTR Aqua America Ladenburg Thalmann Buy Neutral
AHP Ashford Hospitality Prime Robert W. Baird Neutral Underperform $18 $15
BRCM Broadcom Bernstein Outperform Market Perform
BRO Brown & Brown Sun Trust Rbsn Humphrey Buy Neutral
BRO Brown & Brown Barclays Overweight Underweight $35 $28
CLBS Caladrius Biosciences Maxim Group Buy Hold
CAJ Canon JP Morgan Overweight Neutral
COF Capital One Financial Deutsche Bank Buy Hold $92 $81
CTTAY Continental AG HSBC Securities Buy Hold
EVDY Everyday Health Stifel Buy Hold
EXPD Expeditors International of Washington RBC Capital Markets Outperform Sector Perform $56 $46
FCCO First Community Raymond James Outperform Market Perform
GWR Genesee & Wyoming RBC Capital Markets Outperform Sector Perform $66 $55
HTLD Heartland Express RBC Capital Markets Sector Perform Underperform $21 $15
HIW Highwoods Properties Robert W. Baird Outperform Neutral $47 $47
HBNC Horizon Bancorp Sandler O’Neill Buy Hold
HPQ HP Wells Fargo Outperform Market Perform
HUBB Hubbell JP Morgan Overweight Neutral
ILMN Illumina Wells Fargo Outperform Market Perform
LNAGF Linde AG Bernstein Outperform Market Perform
MCO Moody’s Piper Jaffray Overweight Neutral
NNN National Retail Properties Raymond James Outperform Market Perform
NEM Newmont Mining RBC Capital Markets Outperform Sector Perform $26 $20
JWN Nordstrom Morgan Stanley Equal weight Underweight
ODFL Old Dominion Freight Line RBC Capital Markets Outperform Sector Perform $75 $60
PAYX Paychex BofA Merrill Lynch Neutral Underperform
PDM Piedmont Office Realty Trust Robert W. Baird Outperform Neutral $21 $21
PPS Post Properties Raymond James Outperform Market Perform
PSA Public Storage Raymond James Outperform Market Perform
PUBGY Publicis Groupe SA Bernstein Outperform Market Perform
RUSHA Rush Enterprises RBC Capital Markets Outperform Sector Perform $30 $21
R Ryder System RBC Capital Markets Top Pick Sector Perform $89 $58
SALT Scorpio Bulkers Stifel Buy Hold
SBLK Star Bulk Carriers Stifel Buy Hold
SWFT Swift Transportation RBC Capital Markets Outperform Sector Perform $21 $14
TISI Team BB&T Capital Markets Buy Hold
TRNO Terreno Realty Robert W. Baird Outperform Neutral $25 $25
TRI Thomson Reuters BofA Merrill Lynch Buy Neutral
WBMD WebMD Health Stifel Buy Hold
WHZ Whiting USA Trust II Raymond James Outperform Underperform
Initiated
A Agilent Technologies Deutsche Bank Hold $42
ALXN Alexion Pharmaceuticals Sun Trust Rbsn Humphrey Buy
BABA Alibaba Group Holding Robert W. Baird Outperform $94
BIIB Biogen Standpoint Research Buy $360
BRKR Bruker Deutsche Bank Hold $24
CCP Care Capital Properties Mizuho Neutral $32
CELG Celgene Sun Trust Rbsn Humphrey Buy
CBU Community Bank System Piper Jaffray Neutral
CYTR CytRx Jefferies Hold
DEPO Depomed Mizuho Neutral $19
EPC Edgewell Personal Care Societe Generale Hold
FCB FCB Financial Holdings Gabelli & Co Buy $39
FLDM Fluidigm Deutsche Bank Buy $18
IBKC IBERIABANK Piper Jaffray Neutral
ILMN Illumina Deutsche Bank Hold $192
NSPR InspireMD Rodman & Renshaw Buy $4
JCI Johnson Controls Oppenheimer Outperform $48
MYGN Myriad Genetics Deutsche Bank Buy $52
NBTB NBT Bancorp Piper Jaffray Neutral $30
OMCL Omnicell The Benchmark Company Buy $33
OPHT Ophthotech Sun Trust Rbsn Humphrey Buy
PAYC Paycom Software Robert W. Baird Outperform $48
PCTY Paylocity Holding Robert W. Baird Outperform $44
PKI PerkinElmer Deutsche Bank Hold $51
ROYMF Royal Mail Liberum Sell
SHOP Shopify Robert W. Baird Outperform $31
SYT Syngenta Macquarie Neutral
TMO Thermo Fisher Scientific Deutsche Bank   Buy   $160
UNFI United Natural Foods Standpoint Research   Buy   $48
WAT Waters Deutsche Bank   Hold   $137
W Wayfair Robert W. Baird   Neutral   $50

 

Key UK Corporate Snapshots Today

APC Technology Group Plc (APC.L) Announced, in its final results for the year ended 31 August 2015, that its reported revenue stood at £31.07 million, compared to £20.63 million in the preceding year. Loss net of tax was £4.53 million compared to profit after tax £0.30 million. The company’s basic loss per share was 6.8p, compared to earnings per share of 1.0p.

BowLeven Plc (BLVN.L) Announced, in its operational update on its onshore Bomono Permit in Cameroon, that the extended flow testing programme at Moambe and Zingana has been completed. The results to date has been continuously supporting its plans for an initial supply of around 5 to 6 mmscfd of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon.

Brewin Dolphin Holdings Plc (BRW.L) Announced the following important internal appointments to the Company’s Executive Committee: Charlie Ferry will be responsible for the private client business in the South East of England, Stephen Jones will be responsible for all private client business outside of the South East, Nick Fitzgerald will be responsible for Financial Planning. Meanwhile, Robin Beer will be responsible for the rapidly-growing intermediary and charities businesses and Paul Jones takes the role of Chief of Staff. These changes create a broader structure, increasing the representation of client-facing leaders on the Executive Committee. As a result it has been agreed that Stephen Ford will leave Brewin and step down from the Board of Directors of the Company with immediate effect.

Churchill China Plc (CHH.L) Announced, in its trading update for the year to 31 December 2015, that trading in the second half year has been ahead of earlier expectations with the levels of growth achieved in the first six months of 2015 being sustained in the second half year. The board now expects that operating performance will be ahead of current market estimates and well ahead of 2014. The company intends to announce its preliminary results for the year to 31 December 2015 on 24 March 2016.

Crawshaw Group Plc (CRAW.L) Announced, in its trading update for 15 weeks to 3 January 2016, that the total group sales climbed 64% on a YoY basis and 52% on a year-to-date basis. Like-for-like sales rose marginally by 0.8% compared to the previous year while it rose by 1.7% year to date. The cash gross margin jumped by 65% on an annual bass while it rose by 55% on a year-to-date basis.

CRH Plc (CRH.L) Confirmed total disposal proceeds of approximately €1 billion in 2015. This comprises the previously announced sale of its clay and concrete products operations in the UK and the Group’s clay business in the US (€0.43 billion) plus several additional divestments across Europe and the Americas for total proceeds of approximately €0.53 billion. During 2015, the Group also completed 20 bolt-on acquisition and investment transactions. These deals, together with the acquisition of assets from Lafarge and Holcim, the C.R. Laurence acquisition and net deferred consideration payments, bring development spend for 2015 to approximately €8 billion.

Gama Aviation Plc (GMAA.L) Announced the conditional acquisition of Aviation Beauport Limited; a privately owned Jersey based business offering a range of business aviation services. The acquisition of Beauport is conditional upon approval from the Jersey Competition Authority which is expected to complete by the end of February 2016. The acquisition comprises a consideration of £2,600,000 in cash and the issue of 1,000,000 ordinary shares, which based on the company’s closing share price on 7 January 2016, gives a total consideration of £5,325,000. On completion, the purchase of Beauport will include fixed assets comprising property with a book value of approximately £2,000,000 and a net current asset neutral position including cash of approximately £650,000. In the twelve months to 31 December 2015, Beauport is expected to achieve a turnover of approximately £6,000,000 and generate an EBITDA not less than £725,000. The board expects the acquisition to be earnings enhancing in the first year.

Hammerson Plc (HMSO.L) Announced that it has exchanged contracts to sell the Villebon 2 retail park to a consortium of leading French institutional investors for €159 million (£116 million), ahead of the 30 June 2015 book value. The transaction is expected to complete in H1 2016 and is subject to usual conditions precedent.

Nichols Plc (NICL.L) Announced, in its trading update for the year ended 31 December 2015, that Group revenue for the year was £109.3 million, which is in line with the prior year and management expectations. The Group has a strong international business where sales grew by 1.5% compared to 2014 and 3.9% on a constant currency basis. Reported export sales in the year totalled £24.4 million, an increase of £0.4 million. Total UK sales were £84.9 million, a marginal decline of 0.3% compared to 2014 although slightly ahead of the total UK soft drinks market performance which declined by 0.7%. The Group’s Preliminary results will be announced on 2 March 2016.

Paysafe Group Plc (PAYS.L) Announced, in its unaudited trading update for the year ended 31 December 2015, that FY 2015 revenue of circa $600 million. H2 2015 Group revenue of circa $380 million, driven by strong growth across the Group’s product lines, particularly in the Processing division’s North American business. Also the integration of digital payments business Skrill Group, the acquisition of which completed on 10 August 2015, is progressing well. Anticipated H2 2015 synergy savings are expected to be towards the top end of the previously announced $5-10 million range. The Group’s new global Paysafe brand identity launched in November 2015.Shares in Paysafe Group plc began trading on the London Stock Exchange’s Main Market on 23 December 2015. The Group expects to be considered for inclusion in the FTSE 250 Index at the March 2016 index review.

React Energy Plc (REAC.L) Announced that it has secured a €750,000 loan facility from EBIOSS Energy AD. The company also announced that it has granted EQTEC Iberia, a subsidiary of EBIOSS, exclusivity to provide gasification technology as part of Engineer Procure and Construct contracts for its biomass gasification project pipeline in the UK.

Rotala Plc (ROL.L) Announced the acquisition from OFJ Connections Limited (“OFJ”) of that part of OFJ’s business which is conducted in and around Heathrow airport. The consideration for this acquisition is £1.3 million. As part of the acquisition, Rotala has acquired a vehicle fleet which has a fair value of £0.65 million, but has not assumed any other assets or liabilities of any materiality. On this basis the acquisition is expected to generate about £0.65 million of positive goodwill on consolidation.

Scientific Digital Imaging Plc (SDI.L) Announced, in its unaudited interim results for the six months ended 31 October 2015, that revenue stood at £3.67 million, compared to £3.18 million in the same period last year. Operating profit stood at £0.029 million, compared to a loss of £0.21 million. Profit after tax was £0.013 million, compared to loss after tax of £0.23 million. Basic and diluted earnings per share stood at 0.04p, compared to a loss of 0.82p. It acquired Sentek Limited (“Sentek”) on 28 October 2015. The acquisition was funded initially using existing cash resources and a debt facility, with the majority of the debt subsequently repaid by raising £2,500,000 in equity after the period end.

Snoozebox Holdings Plc (ZZZ.L) Announced the appointment of Christopher (Chris) Mark Errington as a Non-Executive Director of the company with immediate effect.

Sopheon Plc (SPE.L) Announced, in its trading update, that it expects the reported revenues for the year ended 31 December 2015 to be comfortably in line with the current market expectations while the EBITDA and pre-tax profits would exceed current market expectations. The company also announced the demise of Dr. Bernard Al, a Non-Executive Director of the board.

Spire Healthcare Group Plc (SPI.L) Announced in its post-closing trading update that the company’s full year revenues for 2015 financial year are in the range of £882 million to £888 million, and EBITDA margin is c.18.0% for the 2015 financial year as a whole. The company anticipates no material growth in PMI claims, and expects to maintain its current market share of the PMI market overall. It expects continued strong growth in Choose & Book work and lower volumes for Local Contract work until the pre-election volume uplifts in 2015 work themselves out of the comparators (which will occur at the end of Q1 2016). It believes that continuing growth in NHS waiting lists should increasingly lead GPs to encourage patients to select a private hospital under the Choose & Book scheme. The Company expects to make its preliminary announcement of the 2015 full year results on Thursday 17 March 2016.

Tiziana Life Sciences Plc (TILS.L) Announced that its research agreement with Cardiff University, focused on pioneering the development of Bcl-3 inhibitors as potential drugs to treat cancer, has led to the identification of a first-in-class lead clinical candidate, CB1, with potent anti-metastatic activity, and with an impressive in vivo efficacy and safety profile. Moreover, the company intends to file an Investigational New Drug application on CB1 in 2016, and expects to move this drug candidate into clinical trials before the end of the year.

Turbo Power Systems Inc (TPS.L) Announced, in its pre-close trading update for the 12 months to 31 December 2015, that the company expects to report full year revenue of approximately £13.5 million (2014: £15.2 million), with the company expecting to report a substantial year on year improvement in full year Earnings Before Interest and Tax (EBIT), with EBIT of approximately break-even compared to 2014: loss £1.7 million. Cash at 31 December 2015 was £0.5 million (31 December 2014: Net Debt £9.9 million). On 12 November 2015 the company announced that as part of seeking to facilitate the Strategic Review, Tao Sustainable Power Solutions (UK) Ltd (TAO UK), which owns 89.4% of the issued share capital of the company, has waived the entire outstanding loan of £10.5 million and all unpaid accrued interest of £1.9 million. TAO UK agreed this waiver for the potential benefit of all TPS shareholders. The Strategic review is ongoing; as noted on 12 November 2015 the board notes that all expressions of interest received to date (up to 7 January 2016) as part of the Strategic Review from potential offerors for 100% of the issued and to be issued share capital of the Company on a debt-free, cash-free basis have been indicatively priced at a substantial discount to the share price. The board continues to regularly discuss with its majority owner how best to proceed with the Strategic Review. Additionally, the company is pleased to announce that it has won a £1 million contract from Porterbrook, one of three major UK rolling stock leasing companies. The scope of work, expected to be delivered in 2016 and 2017, includes the manufacture of battery chargers for Porterbrook’s Class 170 Turbostar Diesel Multiple Units. The company expects to report its results in March 2016.

Vectura Group Plc (VEC.L) Announced the completion of a clinical trial for VR315 in the US. VR315 is a generic, inhaled combination therapy (fluticasone/salmeterol) for asthma/COPD delivered using the company’s proprietary dry powder inhaler and formulation technology.

Venn Life Sciences Holdings Plc (VENN.L) Announced, in its trading update, that revenues for full year ended 31 December 2015 are expected to be at least double the previous year (2014: €4.9 million). With a cash position at year end of €3.4 million and the business now generating free cashflows. Venn is well funded for future growth and well positioned to deliver further international expansion.

Watchstone Group Plc (WTG.L) Announced that as part of a programme of actions to strategically focus the company on its key growth areas, it has disposed of the company’s property and maintenance services businesses. The company’s subsidiary Brand Extension (UK) Limited has entered into an agreement to dispose of the entire issued share capital of B.E. Insulated (UK) Limited and Carbon Reduction Company (UK) Limited for a nominal consideration of £1.0 to The BE Smart Group Limited.

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