Broker Recommendations
JPMorgan upgrades Pendragon, says the worst is probably over
JPMorgan Cazenove upgraded car dealership Pendragon to 'neutral' from 'underweight' on Wednesday following its first-half results a day earlier, lifting the price target to 23p from 19p, citing the relative improvement in trading in the second quarter and stabilising industry outlook.
Ocado's valuation is unreasonably high, thinks Barclays
Ocado was downgraded to 'underweight' at Barclays from 'equal weight' as while the online grocery business has been de-risked, this does not guarantee "unlimited upside" for the share price.
BofA-ML sees signs volatility bubble in stocks deflating
Analysts at Bank of America-Merrill Lynch are hailing what they term a "healthier" US stockmarket, arguing that it is leading the deflation of the low volatility 'bubble'.
FTSE 100 movers: Miners rally as copper rises; Intertek tumbles
London's FTSE 100 was up 1% to 7,743. 11 in afternoon trade on Tuesday, underpinned by strength in the mining sector.
Ultra Electronics slumps on Kepler downgrade
Ultra Electronics tumbled on Tuesday as Kepler Cheuvreux downgraded its stance on the stock to 'hold' from 'buy' saying there is limited upside pending the chief executive officer's review.
JP Morgan upgrades Ferrexpo on valuation, free cash flow forecasts
Analysts at JP Morgan slashed their target price on shares of Ferrexpo, on account of what they said was the iron ore miner's now higher cost base.
Yellow Cake looks tasty to analysts
Yellow Cake was started at a 'buy' rating by analysts at Berenberg and Numis on Monday after the uranium storage and trading company floated a month ago.
Stifel upgrades Mitie to 'hold' as valuation becomes 'difficult to ignore'
Analysts at Stifel took another look at Mitie after the group's recent share price weakness, and although their fundamental view of the company was unchanged, leading them to leave their price target on the group at 186p, they chose to up their stance on the facilities manager from 'hold' to 'buy'.
William Hill 'offers buying opportunity' after Friday's fall
Broker Peel Hunt said it believes there is a "buying opportunity" in William Hill shares after they were sent tumbling by interim results from the bookmaker on Friday, with Barclays also upgrading its recommendation for similar reasons.
Morgan Advanced Materials rallies on Berenberg upgrade
Morgan Advanced Materials rallied on Monday as Berenberg upgraded its stance on the stock to 'buy' from 'hold' and upped the price target to 420p from 330p as it said the first half results showed significant progress.
UK equities look overbought, says Credit Suisse
Since April, UK equities have outperformed euro area stocks by around 3% and global stocks by around 1%, but with oil prices felt to have peaked and shares looking "overbought", Credit Suisse strategists have downgraded their stance.
Rolls-Royce cash-flow confidence impresses analysts
Rolls-Royce has clearer skies ahead, analysts at Societe General, UBS and Deutsche Bank said on Friday, encouraged by the engine maker's confidence in delivering strong cash flows despite the high costs from the Trent 1000 engine issues.
Shell not moving fast enough for Morgan Stanley
Shell results have been below par for the past two quarters, said Morgan Stanley, with dividend growth and the share buyback both disappointing the bank's analysts.
Rising carbon prices benefit Centrica and SSE, Berenberg says
Centrica and SSE are likely to benefit from potential increases in EU carbon prices, Berenberg analysts said as they reiterated 'buy' ratings on both shares.
Shift from active to passive asset managers slowing, UBS says
European asset managers are facing better conditions in the second half of the year, UBS said on Wednesday, suggesting UK funds Schroders and Ashmore would benefit most.
Berenberg removes 'sell' rating on 4imprint after interim results
Analysts from Berenberg on Wednesday upgraded their rating of 4imprint from ‘sell’ to ‘hold’ citing the direct marketing outfit's “momentum”, despite recent short-term supply chain issues.
Rightmove's price rises come up against agent woes, Berenberg says
Rightmove’s fees are likely to come under pressure as struggling estate agents become unwilling to swallow price increases, Bereberg analysts said.
Wednesday broker round-up
Rightmove: Berenberg downgrades to sell with a target price of 4,100p.