Nomura has maintained its buy recommendation and 225p target price for telecoms giant Vodafone despite the group's sales guidance being adjusted down.
"Vodafone has delivered steady enough full-year results, with guidance reflecting the uncertain outlook, but still committing to a flat cash-flow performance and 7% dividend growth," the broker said.
"In the context of the wider sector, this outlook is encouraging and topped up with Verizon Wireless (VZW) distributions, the stock should still be regarded as a lower-risk investment, in our view."
Despite a 2% beat to consensus profit estimates at Marks and Spencer, Investec has maintained its sell recommendation and 295p target price for the High Street giant, saying that its underlying performance is still weak.
Underlying pre-tax profit came in at £705.9m but the broker notes that the beat was entirely due to the contribution from M&S Money (£10m higher than consensus estimates) and a lower interest charge. "On first impressions we expect to make no material changes to our underlying trading forecasts."
Charles Stanley has put its rating for emergency home repairs group HomeServe under review after the firm revealed that the Financial Services Authority (FSA) was investigating 'certain historic issues'.
"While the shares have decreased by 53% since the suspension of UK sales activities on Oct 31st, they will now remain under pressure. Currently trades on a rating of eight times [earnings]. Our hold recommendation is under review," Charles Stanley's Andy Smith said.
Liberty Global has entered the bidding for Kabel Deutschland, the Financial Times reported. The media group, controlled by John Malone, has put in a potential offer that would top a price tabled by Vodafone last week and value Germany's largest cable operator at about 7.5bn euros. People familiar with the talks told the newspaper that Liberty Global made an indicative offer to KDG at about 85 euros per share. [Yesterday 06:48]
Falling commodity prices and rising government bond yields resulted in a sell-off on Tuesday morning, as the recent volatility on equity markets continued, sending the FTSE 100 to a seven-week low. [11 Jun '13]
The Guardian says that tech giant Apple has been accused of securing preferential terms from mobile operators wanting to offer the iPhone in an attempt to squeeze out competition from rival brands, according to one of the company's former senior executives. [7 Jun '13]
Cuts to global growth forecasts and rising unemployment in economic powerhouse Germany sparked a sell-off on financial markets on Wednesday, as stocks pulled back following the impressive surge the day before. [29 May '13]
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