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MARKET TALK: HSBC Initiates Coverage of UK Bus, Rail Stocks

Mon, 19th Jul 2010 07:28

0628 GMT [Dow Jones] HSBC initiates coverage of UK bus and rail stocks with National Express (NEX.LN) at overweight, 275p target; FirstGroup (FGP.LN) and Go-Ahead Group (GOG.LN) at neutral with 360p and 1110p targets respectively; and Stagecoach (SGC.LN) at underweight with 175p target. The sector faces a mixed outlook, says HSBC. It says rail passenger revenue trends are improving but the outlook for bus is more difficult. It notes the bus industry is heavily funded by the government and expects these subsidies to come under threat. On Friday, National Express shares closed at 235p, FirstGroup at 371.7p, Go-Ahead at 1129p and Stagecoach at 182.3p.(andrea.tryphonides@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires July 19, 2010 02:28 ET (06:28 GMT)

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