Broker snap: JPM upgrades Oxford Instruments

The informative part of the trading statement from Oxford Instruments on Thursday was just 16 words long, but it has prompted JP Morgan to upgrade its rating for the stock.The provider of high technology tools and systems for industry and research said it "is confident that the group's full year performance is in line with its expectations." JP Morgan (JPM) thinks that those expectations are for profit before tax to be on a par with 2009's figure of £11.1m. That's slightly higher than JPM's own estimate of £10.5m so it has bumped up its forecast to £11.1m, hence the upgrade from 'neutral' to 'overweight'."As ever, March is likely to have been the most important trading month of the year we therefore expect [Thursday's] assessment to have been based on conservative preliminary numbers for the year, which means we continue to believe there is upside risk to our estimates," JPM analyst Richard Paige said. Oxford Instruments