UK Broker Upgrades / Downgrades
|Code||Company||Broker||Recomm. From||Recomm. To||Price From||Price To|
|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|
|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|
|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|
|BG.||BG Group Plc||Barclays Capital||Overweight||Overweight||1600||1600|
|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|
|GPOR||Great Portland Estates Plc||JP Morgan Cazenove||Overweight||Overweight||975||975|
|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|
|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|
|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|
|ANF||Abercrombie & Fitch||Wolfe Research||Peer Perform||Outperform|
|MDRX||Allscripts Healthcare Solutions||RBC Capital Markets||Sector Perform||Outperform||$14||$19|
|AAL||American Airlines Group||Credit Suisse||Neutral||Outperform|
|BK||Bank of New York Mellon||JP Morgan||Neutral||Overweight|
|BAH||Booz Allen Hamilton Holding||Wells Fargo||Market Perform||Outperform|
|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|
|OSHC||Ocean Shore Holding||Sandler O’Neill||Hold||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|
|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|
|WTKWY||Wolters Kluwer NV||Bernstein||Market Perform||Outperform|
|YARIY||Yara International ASA||Bernstein||Underperform||Market Perform|
|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|
|BRO||Brown & Brown||Sun Trust Rbsn Humphrey||Buy||Neutral|
|BRO||Brown & Brown||Barclays||Overweight||Underweight||$35||$28|
|CLBS||Caladrius Biosciences||Maxim Group||Buy||Hold|
|COF||Capital One Financial||Deutsche Bank||Buy||Hold||$92||$81|
|CTTAY||Continental AG||HSBC Securities||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|
|ILMN||Illumina||Wells Fargo||Outperform||Market Perform|
|LNAGF||Linde AG||Bernstein||Outperform||Market Perform|
|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|
|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|
|WHZ||Whiting USA Trust II||Raymond James||Outperform||Underperform|
|A||Agilent Technologies||Deutsche Bank||Hold||$42|
|ALXN||Alexion Pharmaceuticals||Sun Trust Rbsn Humphrey||Buy|
|BABA||Alibaba Group Holding||Robert W. Baird||Outperform||$94|
|CCP||Care Capital Properties||Mizuho||Neutral||$32|
|CELG||Celgene||Sun Trust Rbsn Humphrey||Buy|
|CBU||Community Bank System||Piper Jaffray||Neutral|
|EPC||Edgewell Personal Care||Societe Generale||Hold|
|FCB||FCB Financial Holdings||Gabelli & Co||Buy||$39|
|NSPR||InspireMD||Rodman & Renshaw||Buy||$4|
|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|
|SHOP||Shopify||Robert W. Baird||Outperform||$31|
|TMO||Thermo Fisher Scientific||Deutsche Bank||Buy||$160|
|UNFI||United Natural Foods||Standpoint Research||Buy||$48|
|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.