BEST OF THE BROKERS
SPEEDY HIRE
Panmure Gordon yesterday said it forecasts a loss for the year for Speedy Hire, despite a reduction in debt resulting from cost-cutting measures. It reiterated its target price of 24p and reported that the company’s outlook remains difficult, as there is little reason for investors to expect Speedy Hire to perform in the short-term.
SHAFTESBURY
Evolution Securities yesterday raised its target price for Shaftesbury to 415p and made modest changes to its earnings forecasts after the property firm reported a net asset value of 335p, above the broker’s 309p estimate. Evolution adjusted its assumptions for acquisitions to around £35m per year from about £50m to reflect a limited supply of available sites.
VODAFONE
Collins Stewart yesterday reiterated its “sell” rating for Vodafone, despite recent highs in shares after the mobile phone firm led the post-Dubai fallout rally. The broker reported that the economic recovery effects will be delayed at Vodafone as unemployment spikes and tax hikes should keep consumers austere for some time. Its target price of 119p remains.
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