| CATEGORY: BROKER RECOMMENDATIONS SECTOR: BANKS |
Broker snap: Northern Rock reports unfounded |
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Mon 20 Feb 2006
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LONDON (SHARECAST) - Mortgage lender Northern Rock shrugged off speculation of a tie up with Bradford & Bingley today as brokers dismissed the reports.
The group picked up on Friday on reports of a possible tie up with Bradford & Bingley.
WestLB downgraded its advice on Northern to 'sell', arguing that while it still likes the bank's business model, the shares are now looking a touch expensive
Goldman Sachs also moved its rating on the shares to 'in-line' from 'outperform'. The broker said shares have risen 39% over the last three months adding that investors should wait for a better buying opportunity.
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