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Broker Tips: BP, FirstGroup, 888 Holdings, Ladbrokes, BAE Systems

Fri, 03rd Jul 2015 11:30

Goldman Sachs raised its price targets on BP to 376p from 364p and $34.5 from $33.1, respectively, following the company's settlement over the 2010 Gulf of Mexico oil spill, but retained its 'sell' rating on the stock saying the fundamentals remain challenged.However, it noted that while this will settle the major elements outstanding, the agreements do not cover the class action settlements with the Plaintiffs' Steering Committee, or claims by individuals and businesses that opted out of the 2012 settlements.JPMorgan Cazenove upgraded BP to 'overweight' from 'neutral' and raised the price target to 475p from 450p following the company's unexpected settlement on Thursday over the 2010 Gulf of Mexico oil spill."Whilst our estimate of remaining Macondo related liabilities falls by less than $2bn (only 7p/share), we believe that by bringing unexpectedly early and essentially complete closure to the key tail risks to this tragic event BP becomes more investable to some institutions and, in a challenged space, is thus elevated as a sector relative preference," it said.JPM said the deferred payment schedules combined with tax shelter make only a very manageable dent on BP's cash flow and balance sheet.Shares in FirstGroup fell 3% after UBS downgraded the stock to 'sell' from 'neutral', pointing to the recent strong rally in the share price to a level above its fair value.With the most recent results, FirstGroup has shown that its margins are improving and heading towards the targets set in 2014, the Swiss bank said.Although this should help drive cash generation higher, in the near term, UBS expects the company's margins to remain below that of peers in the key areas of School Bus and UK regional bus and said that as a consequence so too will free cash flow.Canaccord said it expected a positive picture from online gambling site 888 Holdings next month, and upgraded its rating from 'hold' to 'buy.' Analyst Simon Davies raised his price target from 166p to 176p and said while earnings before interest, taxes, depreciation, and amortisation would be down by 25%, this was only due to VAT and gambling taxes.Exane BNP Paribas reiterated its 'outperform' rating on gambling house Ladbrokes and lifted its target price 8% from 125p to 135p off its recent strategy update.The rating is conservative and is broadly in line with the current market price, Exane said in a note to clients.Analyst Roberta Ciaccia said while no figures were given at the company's recent update, it was clear management wants to make the retail estate more competitive.UBS upgraded BAE Systems to 'buy' from 'neutral' but cut the price target to 510p from 540p.It said the recent weakness in the BAE share price was caused by uncertainty around the future of the Williamstown shipyard and the Eurofighter Typhoon programme, as well as the pending Strategic Defence and Security Review (SDSR).However, it upgraded the stock, saying that even after de-risking its forecast, the valuation is attractive. Also, "in times of uncertainty we find BAE's independence from the economic cycle attractive."

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31 Oct 2016 09:39

BROKER RATINGS SUMMARY: HSBC Raises IAG To Hold From Reduce

26 Oct 2016 15:57

Ladbrokes-Coral merger wins final CMA approval with 322 shop disposals

(ShareCast News) - Ladbrokes and Coral will be able to complete their merger "in the very near future" after the competition regulator gave its final approval on Wednesday. After the Competition & Markets Authority gave its green light, the FTSE 250 bookmaker said it had approved the disposal of

21 Oct 2016 14:38

Daisy pulls sterling junk bond as investors get tough

By Robert Smith LONDON, Oct 21 (IFR) - Daisy called off an attempt to issue a sterling high-yield deal on Friday, in the latest sign of waning UK investor appetite for riskier debt in challenging sectors. The UK company threw in the towel on the debut bond after four days of marketing

18 Oct 2016 17:12

UPDATE 4-William Hill, Amaya drop short-lived gambling merger talks

* Talks abandoned less than two weeks after announcement * Sector consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Amaya shares drop 8.3 percent (Adds share move, Amaya spokesman

18 Oct 2016 13:24

RPT-UPDATE 3-William Hill, Amaya drop short-lived gambling merger talks

(Repeats for wider distribution, no changes to text) * Talks abandoned less than two weeks after announcement * Sector is consolidating as more gamblers go online * European rivals have already joined forces * Amaya FY revenue forecast below market expectations * Ama

18 Oct 2016 08:28

Ladbrokes revenue grows for fourth successive quarter

(ShareCast News) - FTSE 250 betting and gambling company Ladbrokes reported growth for a fourth successive quarter for revenue as it remains confident of delivering full year results in line with expectations. In a trading update for the third quarter ended 30 September, net revenue increased 12.1%,

18 Oct 2016 06:56

Tuesday newspaper round-up: Bonds, Shell, bookmaker levy, farm boost

(ShareCast News) - Investors dumped UK government bonds yesterday in one of the heaviest sell-offs since the Brexit vote as international demand for sterling assets declined rapidly. Overseas investors are becoming increasingly worried that inflation and a move by the Conservative government towards

17 Oct 2016 07:13

Ladbrokes and Coral announce planned sale of 359 shops

(ShareCast News) - Bookmaker Ladbrokes announced on Monday that subsidiaries of both itself and merger partner Gala Coral Group have agreed to sell a total of 359 licensed betting offices to Done Brothers Cash Betting - trading as Betfred - and StanJames Abingdon - trading as Stan James. The FTSE 25

17 Oct 2016 06:58

Monday newspaper round-up: New Brexit plans, dividends, supermarkets

(ShareCast News) - Britain would continue to pay billions of pounds into the EU budget after Brexit to maintain cherished single-market access for the City of London and other sectors under plans being discussed by Theresa May's cabinet. The prime minister's demand that Britain controls its borders

17 Oct 2016 06:20

Ladbrokes, Gala Coral to sell 359 shops ahead of merger

LONDON, Oct 17 (Reuters) - British Ladbrokes and Gala Coral said they agreed to sell 359 shops for 55.5 million pounds ($69 million) to rivals, in a deal which will reduce their footprint and pave the way for competition authorities to allow their merger to proceed. The pair were told in Ju

10 Oct 2016 07:49

BUZZ-William Hill: best day in 3 months after confirming merger talks

** William Hill rises 5.4 pct, its best day since mid-July, after confirming merger talks with Canada's Amaya ** Co says deal would create a global leader in sports betting, poker and casino ** Top riser on Stoxx 600 and most traded by average volumes - 1.5x 30-day average in the firs

7 Oct 2016 07:39

BUZZ-UK gambling companies lower after media reports of TV ad ban

** Shares in British gambling companies fall after The Times newspaper reports that the companies are due to be banned from advertising on television during the day ** William Hill down 2.9 pct, Labrokes down 2.5 pct vs. Britain's midcap index which is up 0.2 pct ** Cenkos analyst Sim

20 Sep 2016 06:57

Tuesday newspaper round-up: May in New York, Ladbrokes, building blocked

(ShareCast News) - Theresa May will canvass leading Wall Street banks over how Britain should structure its departure from the EU to reassure them that Brexit will not damage their UK business. Mrs May will meet "mostly" chief executives from the finance sector along with figures from the technology

31 Aug 2016 07:51

Gala Coral revenue up but losses widen

(ShareCast News) - Ladbrokes said on Wednesday that revenue at Gala Coral, with which it has agreed to merge, rose in the third quarter, but the bookmaker's loss widened due to exceptional costs. In the 12 weeks ended 2 July, net revenue at Gala Coral was up 10% from 2015 to £264m, while earnings be

26 Aug 2016 08:46

Ladbrokes given a boost by Berenberg upgrade

(ShareCast News) - Berenberg has raised its rating on Ladbrokes to 'buy' from 'hold' and lifted its target price to 185p from 130p, saying the company is its second favourite stock in gaming after Playtech. The broker said since it initiated on Ladbrokes a number of positives have materialised with

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Broker Tips: BP, FirstGroup, 888 Holdings, Ladbrokes, BAE Systems

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