News from Sharecast:
Nomura has upgraded its recommendation for Barclays by two notches from ‘reduce’ to ‘buy’ saying that the UK banking group is well-positioned for building macroeconomic momentum.
‘With growth in the developed world likely to continue well into the start of next year, stocks geared to capital markets should see macroeconomic support. BarCap and UK operations are geared to these dynamics and account for over three-quarters of Barclays’ operations,’ the broker said on Monday morning.
Wolseley was under the weather on Monday morning after Credit Suisse downgraded its rating for the plumbers merchant from ‘outperform’ to ‘neutral’.
The Swiss bank said that after three years of having a positive stance on the stock, it is now prudent to take profits with just 8% upside to its 3,700p price target from current levels. ‘Whilst we maintain our upbeat view of the group’s trading outlook and strategic direction, we can find no reason to raise our already higher-than-consensus forecasts and as such see the stock as close to fair value.’
Panmure Gordon has hiked its target price for insurance and investment giant Prudential from 1,376p to 1,453p and retained its ‘buy’ rating in the aftermath of last month’s forecast-beating first-half results.
‘We maintain our view that Pru is undervalued and that the market currently fails to reflect the value of the four key businesses in the share price.’