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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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26 Aug 2016 08:22

BUZZ-Ladbrokes: boosted by Berenberg upgrade

** British bookmaker Ladbrokes' shares up 2.2 pct among top gainers on FTSE Mid 250 index after Berenberg raises to "buy" from "hold, hikes PT to 185p from 130p ** Brokerage cites approval of merger with Gala Coral & estimates 2017-18 EPS +15% for cos together ** Coral results (due Au

26 Aug 2016 07:07

LONDON BRIEFING: All Eyes Turn To Fed Chair Yellen's Speech

24 Aug 2016 09:13

UPDATE 1-Paddy Power Betfair expects faster cost savings from merger

* Increases cost savings to 65 mln pounds from 50 mln * May seek further deals or return cash to shareholders * Combined group EBITDA up 31 pct to 181 mln pounds (Adds details on strategy, CEO interview) By Padraic Halpin DUBLIN, Aug 24 (Reuters) - Gambling company Paddy

19 Aug 2016 12:07

Friday broker round-up

(ShareCast News) - GKN: Goldman Sachs reiterates neutral with a target price of 311p. Admiral group: Canaccord maintains hold with a 2100p target. Standard Chartered: UBS reiterates sell with a 600p target. Intertek: Berenberg reiterates hold with a 3600p target. Kaz Minerals: Credit Suisse keeps

12 Aug 2016 09:37

WINNERS & LOSERS SUMMARY: CEO Change Sends Restaurant Group Higher

12 Aug 2016 08:29

BROKER RATINGS SUMMARY: Merrill Lynch Upgrades Tullow Oil To Buy

10 Aug 2016 17:28

UPDATE 1-Rank Group, 888 push for William Hill board talks as detail bid

(Adds details, shares) By Pranav Kiran Aug 10 (Reuters) - Casino and bingo hall operator Rank Group Plc and online gambling company 888 Holdings Plc called on Wednesday for talks with the board of William Hill Plc after their proposed joint bid was rejected by the British bookmaker.

9 Aug 2016 17:34

UPDATE 3-British bookie William Hill spurns $4.1 bln Rank-888 bid

* Bookmaker rejects 364 pence-a-share-approach * Says 16 pct premium undervalues group * Shares were higher than bid level in March * William Hill closes up 0.49 pct, 888 and Rank down (Adds closing share prices, details on Betfair) By Paul Sandle and Rahul B Aug 9

9 Aug 2016 08:33

BROKER RATINGS SUMMARY: Cantor Upgrades easyJet To Buy From Hold

5 Aug 2016 10:22

UPDATE 1-Online problems depress profit for bid target William Hill

* First-half operating profit falls 16 pct * Poor online performance blamed * Says still waiting to hear details of 888-Rank approach (Adds CEO comments, shares) By Paul Sandle LONDON, Aug 5 (Reuters) - William Hill, the British bookmaker that last month sacked its chief

4 Aug 2016 11:11

UPDATE 1-Surprise soccer results boost profits for Ladbrokes

* H1 operating profit up by a better-than-expected 34 pct * Full-year consensus seen rising 5-8 pct * Boosted by favourable results in soccer offsets (Adds comments by CEO, analysts, share price) By Paul Sandle LONDON, Aug 4 (Reuters) - Soccer club Leicester City's fairy

4 Aug 2016 08:15

Ladbrokes leaps on back of thoroughbred first-half results

(ShareCast News) - Bookmaker Ladbrokes first-half profits beat management and City forecasts by a length as favourable results from the sporting gods put an extra sheen on the progress being made after last year's strategic rejig. Having got of to a strong start in the first quarter, growth accelera

4 Aug 2016 06:20

Ladbrokes first-half profit helped by favourable sports results

LONDON, Aug 4 (Reuters) - British bookmaker Ladbrokes reported a better-than-expected 34 percent rise in first-half operating profit on Thursday, helped by some bookmaker-friendly sporting results. The company, whose 2.3 billion pound ($3 billion) merger with rival Coral was approved last

26 Jul 2016 09:01

Ladbrokes, Coral must sell 350 to 400 shops to get merger clearance, says CMA

(ShareCast News) - The Competition and Markets Authority has confirmed that bookmakers Ladbrokes and Gala Coral will have to sell 350 to 400 shops in order to obtain clearance for their proposed merger. The regulator said on Tuesday that it has identified 642 local areas where the merger could resul

26 Jul 2016 06:49

UPDATE 1-Ladbrokes, Coral must sell stores to get merger cleared - UK regulator

(Adds detail, background) LONDON, July 25 (Reuters) - Bookmakers Ladbrokes and Gala Coral must sell around 350 to 400 shops in order to obtain clearance for their proposed merger, Britain's competition regulator said on Tuesday. The Competition and Markets Authority (CMA) said that a

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

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