Glaxosmithkline Share News (GSK)

Nomura expects to see a short-term bounce in SABMiller's share price following the volume improvement in the third quarter, but the broker remains cautious about the brewer's ability to achieve a return to historical growth rates.The owner of Peroni and Grolsch said that its third quarter volumes were up 3% on last year, above Nomura's estimate of flat figures. Volumes across the majority of the group's divisions beat forecasts, with Africa and Asia representing a volume growth of 12% each, compared with Nomura's forecasts of 8% and 7% respectively."Despite some signs of an early improvement in volumes in the third quarter, we retain our cautious stance on SABMiller given high expectations of a renewal of volume growth towards historical levels, whereas we believe that volume growth is likely to be more normalised in future," says the Japanese broker.With the shares currently trading around the 2,200p level, Nomura gives SABMiller its 'reduce' rating and 2,000p target price.GlaxoSmithKline's (GSK) latest legal charge has not persuaded financial services firms Matrix to change its 'buy' rating on the stock as the broker believes that the pharmaceuticals giant will emerge from the latest lawsuits in a stronger position.On Monday GSK announced a new legal charge of £2.2bn (to be taken in the fourth quarter results) related to sales and marketing investigations surrounding its diabetes drug Avandia. This follows a legal charge of £1.57bn announced in the second quarter last year, related to Avanda litigation and a number of other manufacturing violations."This new charge is much higher than we had expected, but is related to the fact that GSK is taking a highly conservative view on the various outstanding litigations in order to draw a line beneath them," said analyst Navid Malik."Despite this negative news, we believe the market is likely to focus on GSK's low patent-exposure risk, maturing pipeline, with multiple launches in current years, and growth opportunities related to biologicals (within its vaccines business) and emerging-markets business," added Malik.Matrix retains its 'buy' and target price of 1,418p.While Chemring's full-year results came in at the low end of finnCap's expectations, the broker still thinks the shares remain attractively rated in the sector and retains its positive stance on the stock.The military decoy flares and mine detection firm reported an 18% increase in turnover to £597.1m for the year ended 31 October. However, the broker recognises that Tuesday's results may disappoint some, as adjusted pre-tax profit was £116.8m against the broker's forecast of £118.5m, and net debt was slightly higher than estimates at £307.5m."While NATO countries are seeing some budget cuts, the huge US budget appears level, and Middle and Far East demand has seen a 60% increase," said analyst David Buxton."Sentiment is still being repaired following the de-rating prior to the UK Autumn budget and defence review, and we believe there is still further upside."An earnings per share growth rate of 25% appears much stronger than many in its peer group and the broker remains a 'buyer', keeping its target price at 3,800p.