PIC.L Share News (PIC)

Results from FT publisher Pearson got the market off to a good start to the week with the figures ahead of market expectations "on every P&L line", according to broker Panmure Gordon.The broker reckons that the trading update should calm investors' nerves about the group's prospects. "Encouragingly, Pearson retains 57.7p EPS guidance for FY 2009. This is in spite of the recent weakness in the USD:Sterling rate, and should be seen as an implicit upgrade," the broker's analyst Alex DeGroote notes."Market sentiment on Pearson has been weak all year, and the shares have underperformed. In our view, this statement should be very supportive on a turnaround," the broker concludes, though it has left its recommendation unchanged at "hold" and its 620p price target is also unmoved.Japanese brokerage Nomura has upgraded part-nationalised bank Lloyds Banking Group ahead of the UK banks' interim results season."As substantially all the highest-risk assets are believed to be included in the APS [asset protection scheme], we believe Lloyds' TBVPS [tangible book value per share] has among the least downside risk of major banks, after the first loss piece is exhausted," said Nomura analyst Robert Law.Nomura is bearish on the sector in general but has upgraded Lloyds from "reduce" to "buy" and bumped up its target price to 100p from 58p."While we still see risks around credit quality, the read-across from US and European banks indicates some positives," Nomura concludes. First half results from digital set-top box maker Pace were in line with expectations, according to broker KBC Peel Hunt, which has left its "buy" recommendation unchanged."Combined with a strong operating model and the potential for further margin gains, we remain positive on the outlook for the company and see the potential for a re-rating of the stock to better reflect growth rates and quality of revenues," the broker said.KBC Peel Hunt has a price target for the stock of 260p which equates to 15 times projected 2009 earnings and six times enterprise value/earnings before interest, tax, depreciation and amortisation.