19 Nov 2015 09:36
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Don't have an account? Click here to register.Morgan Stanley ups Amec Foster to 'overweight'
Fri, 26th Aug 2016 10:21
(ShareCast News) - Morgan Stanley upgraded Amec Foster Wheeler to 'overweight' from 'equalweight' and bumped up the price target to 700p from 500p saying restructuring should outweigh disposals.The bank attributed the price target lift to increased confidence that the new CEO will drive a better earnings and returns outlook through restructuring than it previously expected."The new savings cost plan, likely to be announced at the strategy update on November 15, should offer more than enough scope to offset the loss of approximately £80m earnings before interest, tax and amortisation associated with £500m of asset disposals."The bank said it expects the new CEO to focus on monetising the significant cost savings potential it sees, in addition to the existing cost savings plan.MS forecasts £100m of further annualised savings starting from the first half of next year, with full impact in 2019."We expect the stock to re-rate as the cost savings story develops and the cycle continues to improve," it said.In terms of downside risks, MS said balance sheet concerns may return if the planned £500m of asset disposals does not go ahead.A further risk is that the cost savings potential is less than it assumes and the market begins to price this in.At 1026 BST, Amec shares were up 6.3% to 571p.
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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