19 Nov 2015 09:36
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Don't have an account? Click here to register.Macquarie ups Amec Foster to 'neutral'
Wed, 09th Nov 2016 10:03
(ShareCast News) - Macquarie upgraded Amec Foster Wheeler to 'neutral' from 'underperform' but cut the price target to 400p from 420p, with the stock now sufficiently de-rated after last month's disappointing trading update."In our view, the time has come to close out underweight positions and we upgrade our recommendation to neutral."Near-term catalysts for underperformance are slim and the current multiple is far more reflective of the challenges that are faced in turning around the company," it said.Macquarie said it has better digested last month's update and downgraded its Clean Energy revenue assumption for next year.It now expects this to fall 24%, compared to 8% previously, and said this is "more in tune with commentary of a significant decline" in Solar revenues.Overall, ex-Global Power Group, it reckons group revenues will decline by 9% in 2017.Macquarie said it could not rule out a dividend cut.Due to weakening FX, it expects that post disposals, Amec will still have net debt/EBTIDA of 2.4x, above the 2.0x it has historically said it is comfortable with."To get down to that level, net debt would need to fall by a further £130m and cutting the dividend would get them towards this (£85m annual saving)," it said.At 1020 GMT, Amec shares were up 2.6% to 425.20p.
More News
6 Nov 2015 13:47
FTSE 250 movers: Tullett Prebon and ICAP acquisition talks boost market
(ShareCast News) - The FTSE 250 is on track to finish the week on a high, with the market up 99.55 points (0.58%) mid-afternoon Friday to 17,216.68 points. Tullett Prebon and ICAP were the biggest risers on the back of confirmation that Tullett Prebon is in discussions regarding the possible acquisi
Read more6 Nov 2015 12:00
Citi, UBS downgrade Amec but SocGen keeps at 'buy' after share price slump
(ShareCast News) - Amec Foster Wheeler shares were under pressure again on Friday, having suffered heavy losses in the previous session when the oil and gas engineering services company said it was cutting its dividend by half amid tough market conditions. Citigroup downgraded the stock to 'neutral'
Read more6 Nov 2015 11:43
Friday newspaper share tips: Sell as Amec Foster Wheeler faces more pain
(ShareCast News) - Traders should sell shares in Amec Foster Wheeler as the company prepares for the long haul, according to The Telegraph's Questor. The oil and gas engineering services company announced on Thursday it was cutting its dividend by half and lifting its cost-savings target from £120m
Read more6 Nov 2015 11:14
Friday broker round-up
(ShareCast News) - Weir Group: Citigroup downgrades to neutral. Target price: 1200.00p Amec Foster Wheeler: UBS downgrades to neutral, cuts target price to 600.00p. Citigroup downgrades to neutral. JP Morgan Cazenove reiterates to overweight, reduces target price to 739.00p Rsa Insurance Group:
Read more5 Nov 2015 16:36
London close: Copper prices weigh on Footsie despite dovish MPC
(ShareCast News) - Equities ended near their worst levels of the day despite a dovish set of minutes from the Bank of England's last Monetary Policy Committee meeting, weighed down by a further drop in commodity prices. Following its meeting, the MPC said there were downside risks to growth
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