Member Info for jange

Burberry Group: UBS moves target price from 1170p to 1350p and reiterates a neutral rating. Credit Suisse ups target price from 1430p to 1550p, while staying with its outperform rating. Berenberg takes price target from 1400p to 1600p keeping a buy recommendation

Brammer: Jefferies raises target price from 295p to 340p and downgrades from buy to hold.

BHP Billiton: JP Morgan takes target price from 2245p to 2300p and keeps a neutral rating. Goldman Sachs ups target price from 2400p to 2450p, while its buy recommendation remains unchanged.

Ashtead Group: Credit Suisse raises target price from 400p to 545p retaining an outperform rating.

ARM Holdings: UBS increases target price from 750p to 900p, while downgrading to neutral.

Antofagasta: Goldman Sachs ups target price from 1100p to 1120p and still recommends to sell.

Anglo American: Goldman Sachs reduces target price from 1650p to 1500p and reiterates its sell recommendation.

Positive Points: The quarterly results have materialised at the upper end of analyst forecasts. Importantly, and given the importance of the US housing market to the US economy, the chief executive previously noted that "we believe the housing market has turned the corner." Mortgage Banking reported strong production revenue; originations of $51.2 billion, up 33%. The bank has shut down the risky trading activities which caused it trouble, overhauled management, and enhanced the governance standards within the group. The London office will now maintain a more conservative approach, management previously highlighted. The bank also said the total 2012 pay for its CEO would be about half what he received in 2011. Management continued to highlight a 'fortress' type balance sheet. The group enjoys diversification in both business type and geographical location, a trait which some other banks do not enjoy.

Negative Points: A number of negative exceptional items continue to impact performance. These included a $900 million expense for mortgage related matters, predominantly the Independent Foreclosure Review settlement and a $567 million loss from debit valuation adjustments at its Corporate & Investment Bank. Thanks to a major trading loss relating to its London office reported previously, the bank's reputation for risk management has come into question. As a result of the trading losses, a host of international regulators and agencies have been probing the bank. Like its peers, JPMorgan continues to face increasing regulator costs and uncertainties. JPMorgan's share buyback programme was previously suspended following discussion with the Federal Reserve. The buyback programme was halted in May in order to preserve capital until the trading losses could be unwound. Concerns regarding the health of the US government's finances continue to be expressed.

Financial Highlights: Earnings per share rose by 54% to $1.39 Mortgage loan originations rose by 33% to $51.2 billion The provision for credit losses fell by 70% to $656 million Basel I Tier 1 common ratio of 11.0%, up from 10.4% in the third quarter

Fourth quarter results: The news saw the bank again reporting solid progress, although given high expectations beforehand, the share price declined marginally in opening trade. The Chief Executive noted that "the firm's results reflected strong underlying performance across virtually all our businesses for the quarter." At its Consumer & Community Banking division, net income rose to $2 billion in the quarter, up from $1.6 billion in the year before. The group's mortgage business led the way. Mortgage loan originations rose by 33% to $51.2 billion compared to Q4 2011, aided by higher mortgage fees and related income. For the more traditional banking operations, net interest income was $7.3 billion, down $220 million, or 3%, driven by lower deposit margins and lower loan balances due to portfolio runoffs. However, credit loss provisions continued to fall, coming in at $1.1 billion, compared with $1.8 billion in the prior year and $1.9 billion in the prior quarter. At its Corporate & Investment Bank division, net income or profit rose to just over $2 billion in the quarter, compared to just over $1 billion for Q4 2011. Investment banking fees of $1.7 billion were reported, up 54% and consisting of record debt underwriting fees of $990 million (+79%). Assets under custody were a record $18.8 trillion, up 12% from the prior year. In all, while ongoing US political budget negotiations currently overshadow, US Central Bank policy remains highly accommodative with JP Morgan currently benefiting from improving trends in the US housing market

Positive Points: Overall, the group said it had seen net inflows totalling £966 million for the full year, up from £278 million for the nine months to September, after a surge in gains in the final quarter. Positive commentary was reported by management in respect of the long-term growth prospects for the savings market. In October 2012, management highlighted that it continues to position the business for growth. Ageing populations and the decline in state-funded and corporate provision of pensions provide attractive opportunities. Historically low interest rates continue to detract from the attractions of traditional deposit saving accounts, with stockmarket related investments providing an alternative. Jupiter said inflows continued into its more defensive Merlin Income and Strategic Bond funds, but that investors had also put money into its UK Special Situations and European Growth products.

Negative Points: While the company is expanding into overseas markets, it does not currently benefit from the scale of international intermediary distribution channels enjoyed by other financial groups. Revenues generated in the UK currently account for around 90% of the group's total. At the heart of any asset manager is the investment team. As with any fund management business, there is a risk that if a star manager leaves, investors and assets under management may follow. The Financial Services Authority' Retail Distribution Review, which came into force on 1st January 2013, carries a degree of operational uncertainty.

Financial Highlights: In total, assets under management climbed from £25 billion to £26.3 billion. Net mutual fund inflows of £490 million in the three months to 31 December 2012 were reported. For the full year, cumulative net mutual fund inflows were £1.6 billion.

trading update: Jupiter saw its assets under management rise to £26.3 billion in the three months to 31 December 2012, up from £25 billion at 30 September 2012. Jupiter said that although industry conditions remained challenging, investor sentiment appeared to have improved towards the end of the year. The quarter also saw Jupiter deliver net mutual fund flows of £490 million, aided by a robust investment performance. Overall, net inflows for the quarter were £688 million, assisted by flows from two segregated mandate clients. Driven by mutual funds, cumulative overall net inflows totalled £966 million for the full year. The group, headed by chief executive Edward Bonham Carter warned in the short term "continued market uncertainties" left it cautious, but over the long term it was positive on the prospects for the long term savings market. The company is scheduled to release its full-year results on 28 February

Positive Points: Management observed that the revenue growth seen in the quarter demonstrated the breadth of its portfolio and the continued successful execution of its growth strategy, helping it to withstand ongoing pressures in the global economy. In November, Experian completed the acquisition of a further 29.6% stake in Serasa for a consideration of US$1.5 billion, funded from existing cash resources and drawings under bank facilities. Bolt-on acquisitions continue to be made. In the UK and Ireland region, Garlik (acquired December 2011), 192business (completed February 2012) and Altovision (acquired March 2012) in the EMEA region. The group disclosed a strong financial position with no material changes to its position to the date of this update. A progressive dividend policy is being pursued. The interim dividend announced in November was 10.75 US cents per ordinary share, up 5% on the prior year.

Negative Points: Weaker market conditions were encountered in Brazil as the year progressed reported management, a result of banks tightening lending criteria. Experian operates in a highly regulated environment. The company is subject to various regulations globally regarding the collection, protection, and use of consumer data. In addition, it is also subject to a degree of political risk, relying on legislation not only to open up new credit bureau geographies but also to protect its market position in existing markets. Experian, in general, benefits from a buoyant credit environment. However, should it enter a prolonged period of more subdued credit issuance, it may struggle to maintain forecasted levels of growth. Given the global reach of the credit services provider, this exposes it to foreign exchange risk. As at 30 September 2012 group net debt stood at $1.92 billion.

Third quarter interim management statement: Global information services company Experian said it generated organic revenue growth of 7% for the three months ending 31 December 2012. By region, in North America, both revenues and organic revenue grew 7%, while in Latin America revenues were up 11%, driven in part by strong growth across its bureaux in Colombia and Peru and the take-up of credit monitoring products in both markets. Elsewhere, in the UK and Ireland, revenue growth and organic revenue growth was 8% and 6%, respectively. Weaker market conditions in Europe impacted on revenues in EMEA while in Asia Pacific, generally softer conditions were encountered. Overall though for the combined region, revenues grew 2%. Looking ahead to the full year, the company expects organic growth to be high single-digit with a second-half organic growth similar to the third quarter results

The new boss of AstraZeneca has dismissed two of the drugs company's leadership team as part of a shake-up intended to tackle flagging sales and scientific setbacks. The head of research and development, Martin Mackay, and its global commercial chief, Tony Zook, are to leave the pharmaceuticals group at the end of the month and their positions will be "eliminated". Pascal Soriot, the chief executive, said that he wanted to "accelerate decision-making" and to bring an "even sharper management focus to key pipeline assets, key brands and key markets". [The Times]

Meggitt has been selected by Snecma, part of the Safran Group, to provide a package of sensor products for engines that power the Boeing 737MAX. The group, which provides high performance components and sub-systems for the aerospace, defence and energy markets, said that Snecma (through a 50/50 joint company with GE) has already secured orders for LEAP-1B engines to power over 1,000 aircraft. Meggitt said that the contract will generate revenues (including original equipment, spares and repairs) of over $300m over the life of the engine. As part of the contract, Meggitt is to supply a suite of sensing products to measure vibration, shaft speed, critical temperatures and oil level. While the company has already won engine sensor packages on the LEAP-1A and 1C in January 2012, this new contract win takes the value of Meggitt's sensors on LEAP family engines to some $500m over the lifetime of the Boeing, Airbus (A320 neo) and COMAC (C919) aircraft. "This contract underscores our belief that delivery and quality improvements will drive the group's long-term organic growth potential," according to Meggitt's Chief Executive Terry Twigger. "We are delighted that Snecma has demonstrated continued confidence in our business and look forward to strengthening our relationship further."