WINNERS & LOSERS: Jefferies Upgrades Prop Up Property Companies

LONDON (Alliance News) - The following stocks are amongst the biggest risers and fallers within the main London indices midday Friday.
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FTSE 100 WINNERS
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Shire, up 4.8%. The Irish drugmaker said late Thursday that its new drug application for lifitegrast, a treatment for dry eye disease in adults, has been granted a priority review designation by the US Food and Drug Administration. This designation means that the new drug application has a review target of eight months, compared to the standard twelve months. The FDA is expected to provide a decision on October 25, 2015.

ITV, up 3.5%. Morgan Stanley has raised the broadcaster's price target to 300.00 pence from 240.00p, maintaining its Overweight rating. The stock currently trades at 270.60p.

Barratt Developments, up 3.0%, Taylor Wimpey, up 2.6%, and Persimmon, up 0.9%. In a sector-wide note, Jefferies has raised Barratt Development and Persimmon to Hold from Underperform and Taylor Wimpey to Buy from Hold.

Marks and Spencer Group, up 1.3%. The retailer's price target has been raised by JP Morgan to 600.00p from 550.00p, maintaining its Overweight rating. The stock currently trades at 573.115p.

Reckitt Benkiser Group, up 1.2%. UBS raised the consumer goods company to Buy from Neutral, saying the company is its favourite pick in a tough European household and personal care sector.
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FTSE 100 LOSERS
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Weir Group, down 1.3%. Jefferies has cut its price target on the engineering company to 1,715.00 pence from 2,410.00p, maintaining its Hold rating. The stock trades at 1,745.00p.

Kingfisher, down 0.6%. Societe Generale has cut the DIY retailer to Sell from Hold.
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FTSE 250 WINNERS
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Countrywide, up 6.3%, Bovis Homes Group, up 3.0%, Bellway, up 2.5%, and Crest Nicholson Holdings, up 2.2%. Jefferies has raised the companies to Buy from Hold.

Indivior, up 2.8%. Jefferies has raised the pharmaceutical company to Buy from Hold.
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FTSE 250 LOSERS
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Vedanta Resources, down 3.8%. The company said its oil and gas production and its zinc production for the full year were both hit by disruptions, though it said its fourth quarter oil and gas production stabilised and it reported better zinc production in the quarter.

Imagination Technologies Group, down 2.3%. Barclays has cut it price target on the company to 150.00 pence from 195.00p, maintaining its Underweight rating. The company trades at 196.30p.

Hays, down 1.1%. The recruitment company said it expects to see strong operating profit growth in its full year, as it saw group net fee growth of 5% in its third quarter to end-March. The United Kingdom and Ireland region saw net fees growth of 8%, bolstered by strong growth in its technical specialisms including IT and construction and property. Its private sector business performed well, and whilst market conditions have remained good, it has seen some cautious decision making amongst some clients as the General Election looms.

Riverstone Energy, down 1.0%. The closed-ended investment firm said it will be among the investors committing funding to the Meritage Midstream Services III LP, a Canadian midstream oil services company. Riverstone Holdings LLC, the fund manager for Riverstone Energy will commit USD100 million to Meritage, comprising USD67 million from the Riverstone Global Energy and Power Fund VI and USD33 million from Riverstone Energy Ltd.
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AIM ALL-SHARE WINNERS
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OMG, up 14%. The imaging technology company said it has struck a USD25 million deal to sell its 2d3 defence software business to Insitu Inc, a subsidiary of US aerospace company Boeing Co. OMG said it expects to make a USD16.4 million pretax profit on the sale and said it expects to pay a significant portion of the proceeds from the sale to shareholders via a special dividend.
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AIM ALL-SHARE LOSERS
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Blur Group, off 31%. The company, which runs an online marketplace for business services, said it expects its recognised revenue for 2014 to be substantially lower than expected owing to protracted contract delays. It said that following discussions with accountant KPMG LLP, it has determined that a number of older projects started between late 2013 and early 2014, which have experienced delays, are showing a "lower likelihood of completion".

Falkland Islands Holdings, down 14%. The company said it would suspend its dividend payments until further notice, as the company said it expects a fall in underlying pretax profit for the year to the end of March, with a good performance in the second half for its Falkland Islands Company business but lower activity levels at its Momart art handling and logistics unit.
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By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1

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