PVCS.L Share News (PVCS)

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0616 GMT [Dow Jones] Goldman Sachs downgrades ReneSola (SOLA.LN) and PV Crystalox Solar (PVCS.LN) to sell from neutral, given their relative potential downside versus the rest of the brokerage's coverage. Adds that European manufacturers of wafers, cells and modules remain hindered by structurally higher cost bases and that additional advanced solar photonics reductions are likely to lead to further erosion of margin, profitability and returns. After changing its valuation methodology, Goldman raises ReneSola price target to 200p from 169p. Meanwhile, cuts PV Crystalox price target to 52p from 60p implying 8% downside from current levels. (andrea.tryphonides@dowjones.com) 0616 GMT [Dow Jones] Citigroup lowers Kazakhmys (KAZ.LN) target price to 1300p from 1610p. Says Kazakhmys offers an inexpensive vehicle to invest in copper, and the rapid electricity tariff inflation in Kazakhstan. However, Citigroup estimates, given the company's longer-dated growth versus the peer group, the shares are currently discounting $2.75 per pound copper versus spot at $2.95 per pound - "a valuation gap that needs to be greater in order for us to become more positive on the shares." Has a hold rating. Shares closed at 1067p. (ishaq.siddiqi@dowjones.com) 0608 GMT [Dow Jones] Citigroup initiates Meggitt (MGGT.LN) with a buy rating and 400p target price. Says the management is well regarded and Meggitt shares have been long-term outperformers. Brokerage is positive on civil aerospace, where it believes recovering airline traffic should drive an early-cycle recovery in Meggitt's aftermarket business. Adds the original equipment outlook has also improved, with a late-cycle decline in large jet deliveries now looking increasingly unlikely. Also says significant further falls in regional or business jet production also look unlikely. Adds Meggitt has an attractive combination of modest operating and financial leverage. Shares closed at 310p. (ishaq.siddiqi@dowjones.com) Contact us in London. +44-20-7842-9288 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 28, 2010 02:16 ET (06:16 GMT)