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Imagination Technologies boosted by Numis upgrade

Wed, 07th Dec 2016 09:55

(ShareCast News) - Imagination Technologies Group gained as Numis raised its rating on the stock to 'buy' from 'add' and lifted the target price to 310p from 280p following better-than-expected results.The chip maker on Tuesday reported royalty revenues rose 6% and licensing revenues increased 7% in the first half. The group returned to profit with earnings before interest and tax up 65% to £12.2m as it slashed costs.Chief executive Andrew Heath said the restructuring programme, which was initiated last February, delivered £27.5m of cost savings.However, underlying royalties were down as expected, hurt by continued volume declines at Apple.Numis highlighted the company's outlook which stated the business is on course to deliver an underlying trading performance for fiscal year 2017 in line with expectations, supported by a strong US dollar.The broker upgraded its 2017 EBIT by 8% to £28m from £26m and earnings per share to 7.6p from 7.3p."We continue to value on SOTP (sum of parts analysis) which at current foreign exchange rates has moved to 310p per share from 280p and upgrade the target price accordingly."Shares rose 1.77% to 244.75p at 1016 GMT.
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18 Apr 2016 08:16

BUZZ-Apple suppliers: bruised by report of iPhone production cut

** Dialog Semi -4.8%, AMS -3.6%, Imagination Tech -3.4%, ARM Holdings -3%, Laird -0.9% ** Apple to continue reduced iPhone production in April-June quarter due to sluggish sales, Nikkei reports, citing parts suppliers notified of plan (http://s.nikkei.com/23C81i1) ** Apple shares -2%

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14 Apr 2016 08:31

BROKER RATINGS SUMMARY: CS Upgrades Johnson Matthey To Outperform

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14 Apr 2016 07:25

LONDON BRIEFING: Pop For Peppa Pig Purveyor Price On ITV Bid Report

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22 Mar 2016 17:10

UPDATE: Apple "Do Not Plan" On Making Offer For Imagination Tech

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22 Mar 2016 16:28

Apple says not making an offer for supplier Imagination

LONDON, March 22 (Reuters) - Apple said on Tuesday it had talked about buying its supplier British graphics chip designer Imagination Technologies, but did not plan to make an offer at the moment. Shares in Imagination, which counts Applie amongst its top shareholders and whose technology i

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22 Mar 2016 15:35

Apple "Do Not Plan" On Making Offer For Imagination Tech

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22 Mar 2016 13:08

PRESS: Imagination Technologies Up On Report Of Apple Takeover Talks

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18 Mar 2016 09:36

BROKER RATINGS SUMMARY: Nomura Says Reduce StanChart And HSBC

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17 Mar 2016 09:20

UPDATE 1-Slowing iPhone growth spurs deeper cuts at UK's Imagination

(Adds share price, analyst comment) By Sarah Young LONDON, March 17 (Reuters) - Imagination Technologies , the British company whose graphics power Apple's iPhone, said it would make new cost cuts, including job losses, to speed up a turnaround plan. Tough trading conditions an

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17 Mar 2016 07:52

Imagination Technologies To Sell Non-Core Units, Cut More Costs

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17 Mar 2016 07:28

Imagination Technologies plans more cost cuts

LONDON, March 17 (Reuters) - Imagination Technologies , a supplier of graphics technology to Apple, said it planned further cost cuts on top of those announced in February, in an acceleration of its restructuring. The company, which licenses its graphics and video processing technology to s

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11 Mar 2016 11:04

Broker tips: Imagination Technologies, M&S, Anglo American

(ShareCast News) - Imagination Technologies surged on Friday after N+1 Singer upgraded the stock to 'buy' from 'hold' and lifted the price target to 191p from 151p following a visit to the company's headquarters in Kings Langley. In its last note, N+1 outlined a scenario where the group reduced rese

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11 Mar 2016 10:49

WINNERS & LOSERS SUMMARY: Old Mutual Slips Back As Break Up Confirmed

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11 Mar 2016 09:30

Imagination Technologies surges on N+1 Singer upgrade

(ShareCast News) - Imagination Technologies surged on Friday after N+1 Singer upgraded the stock to 'buy' from 'hold' and lifted the price target to 191p from 151p following a visit to the company's headquarters in Kings Langley. In its last note, N+1 outlined a scenario where the group reduced rese

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11 Mar 2016 08:39

LONDON MARKET OPEN: Old Mutual To Split As ECB Stimulus Lifts Stocks

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