Member Info for jange

Mobile Tornado: Investec initiates with a target price of 25p and a buy recommendation.

Meggitt: UBS downgrades from buy to neutral.

Lonrho: Jefferies cuts target price from 15p to 7p and downgrades from buy to hold.

Inchcape: Panmure Gordon raises target price from 430p to 518p and reiterates a hold recommendation.

Hargreaves Landsdown: Numis moves target price from 696p to 715p, while leaving the hold rating unaltered. Cannacord upgrades recommendation to buy.

Enterprise Inns: Barclays upgrades to overweight.

Diageo: JP Morgan revises target price from 1775p to 1915p, while its neutral rating remains unchanged.

Daily Mail and General Trust: Credit Suisse raises target price from 500p to700p keeping an outperform rating.

Cranswick: Numis ups target price from 911p to 1012p maintaining a hold rating.

Brewin Dolphin Holdings: Numis reduces target price from 195p to 187p downgrading to reduce.

BG Group: Goldman Sachs takes target price from 1560p to 1580p and still recommends strong buying. Barclays lowers target price from 1450p to 1420p staying with an overweight rating.

Astra Zaneca: Berenberg cuts target price from 3100p to 3050p reiterating a hold recommendation.

Ashmore: Morgan Stanley downgrades from overweight to equal-weight.

ARM Holdings: Investec ups target price from 900p to 940p, maintaining its hold recommendation. JP Morgan increases target price from 540p to 625p and retains a neutral rating. UBS moves target price from 900p to 930p, while its neutral rating is reiterated. Espirito Santo raises target price from 850p to 920p keeping a neutral rating. Numis revises target price from 820p to 920p, while leaving its hold recommendation unchanged. Bank of America moves target price from 1030p to 1145p and still recommends buying. Liberum Capital ups target price from 440p to 725p, but recommends selling.

Brokers viewed the latest quarterly financial results from media company Daily Mail & General Trust as positive, pointing to strong momentum in the group's B2B businesses and cost savings in dmg media. Steve Liechti, an analyst at Investec, retained his "buy" rating and held his price target unchanged at 665p. Commenting on the decline in DMG's circulation revenue - which was down 6% - he said: "Circulation is lower than we thought in the first quarter with like-for-like values down 6% but the new price rise offsets this - up 5p for dailies- and reflects confidence in production." Meanwhile, a three-strong team of research analysts at Credit Suisse presented an "outperform" rating and a target price of 700p (up from 500p on 'methodology' changes). The analysts described the first quarter results as "in line but encouraging" with B2B strength off-setting consumer weakness. They reported that they expected the structural decline in print advertising to continue in 2013 but said it would likely be moderated by a cyclical tail wind. "If display advertising was +5ppts better, this could add over 5% to fiscal year 2013 expected earnings per share."

JP Morgan reiterated its 'neutral' rating on ARM Holdings after the British semiconductor and software design company revealed increased revenues and profits for the fourth quarter. The target price was raised to 625p from 540p. On Tuesday ARM reported fourth quarter revenues of $262.8m on the basis of international financial reporting standards (IFRS), up from the previous year's $217.0m, and 9.0% higher than the consensus forecast of $241.4m. "How strong the current semi cycle will be will likely depend on the economic environment," JP Morgan said. "However, we believe ARM is able to buck the economic environment due to its share gains in semi segments such as embedded markets where it was not exposed before but also the higher royalty it is now charging in the mobile market. "Valuation remains elevated in our view, but as long as the company does not miss, we believe the stock will go up on upgrades."

Managed services data centre operator Iomart (IOM) is perfectly placed to exploit the shift in data to the cloud and growth in IT outsourcing in general. One key strategic growth theme is big data, a term that encapsulates the exponential increase in transactions and information being pinged across the internet, all of which need to be safely stored, managed and analysed. Organic growth in hosting is running at close to 20% and the Scottish firm continues to supplement this impressive progress with strategic bolt-on acquisitions. Around 95% of £42.6 million consensus revenue forecast for the full year to end March 2013 is already pre-booked and clients tend to be sticky, thanks to the high costs associated with a switch in suppliers. Broker Canaccord predicts revenues will hit £49.4 million next year to end March 2014 and rise a further 10% to £54.3 million by March 2015, implying earnings per share (EPS) of 10.1p and 12.0p respectively. That equates to a price/earnings (PE) multiple of 19.9, falling to 16.8, barely above the software sector average 15.9. With return on sales of close on 67%, value still to be extracted from acquisitions last year, plus impressive visibility and cash generation, EPS to March 2015 could reach 14.0p and justify a premium rating. Matching the 22 times rating attributed by the market to peer Telecity (TCY) could see the shares sailing past the 300p mark within a year.

A specialist document and workflow management software supplier, IDOX (IDOX) provides large public sector organisations with the tools to manage information, documents and business processes, as well as helping connect councils with their citizens via the web. A focus on local government efficiency underpins the £188 million cap's prospects but its cleverly managed expansion into commercial markets should provide additional upside, as the London-based firm carves out growth opportunities in the engineering, oil and gas, utilities and even pharmaceuticals industries. Full-year figures for the 12-month period to end October (12 December) showed a 16% increase in public sector sales to £30.2 million, 52% of total revenue compared to 68% in 2011. In the commercial sector, the engineering information management and information solutions arms grew revenues by 31% and 59% to £17.8 million and £7.5 million respectively, partly thanks to acquisitions. Broker finnCap predicts 3.9p of earnings per share (EPS) this year rising to 4.5p in the year to October 2014, but these forecasts could look conservative. Some 57% of revenues are recurring and adding a strong pipeline of new business to this should lead to double-digit organic growth. That makes the current year price/earnings (PE) multiple of 13.6 look good value for a long-term growth play.

Patient investment in its market presence, gathering profit momentum and a strong balance sheet all mean Ffastfill (FFA) is well positioned to capitalise upon any recovery at its investment banking customer base. One of the £70 million cap's key selling points is its ability to offer a complete back-to-front office solution that can be rolled out across an organisation's global network. In the half year to end September (19 November) the company demonstrated strong progress with its three strategic pushes, namely expansion of its product range, extension of its territorial reach and growth in its software-as-a-service (SaaS) pipeline. This last initiative alone builds reliability into future revenue streams and improves visibility, a point demanded by many investors seeking quality growth companies. The order book accounts for around 90% of this year's £23.6 million revenues. Organic sales during the interim period grew 14%, including a 21% SaaS revenue advance. With £2 million of net cash on the balance sheet, more acquisitions to add extra value are possible. Earnings per share (EPS) this year of 0.7p could easily hit 1.0p in the 12 months to March 2014, and assuming a fairly typical sector-wide price/earnings (PE) multiple of 20 for Ffastfill, that could spark a share price surge to 20p for 40%-plus upside.

Three of the group's four key business areas - Retail, Investment Trusts and Third-Party Institutional - are Bramson's focus going forward so their strong first-half performance is encouraging. The former two are well-positioned to benefit in a world post the Retail Distribution Review due to their strong experience in the direct-to-consumer funds market and are central to stage two of Bramson's strategic overhaul. The fourth key business area, Strategic Partners, runs Friends Life funds where F & C's last contract expires in October 2014. It is the continued outflow of Strategic Partners funds which explains the overall fall in group AUM but this is low-margin business and the cost cutting should more than compensate for the losses going forward, as it did in the first half of 2012...................