Member Info for jange

Trinity Mirror has produced mixed trading results, which indicated that it has not yet stemmed the decline in print advertising revenues, although it has yet to be been hit by any claims over telephone hacking. As a result the company expects adjusted operating profits to be broadly in line with 2011's figure of £104m. In a trading update covering the 17 weeks to October 28th, the publisher of five national newspapers and 130 regional titles said the decline in advertising revenues had continued. "The Daily Mirror has outperformed the tabloid market and our other national and regional titles continue to perform broadly in line with the market. However, the challenging trading environment, coupled with tougher comparatives for the second half of 2012 following the closure of the News of the World in July 2011, have contributed to an expected increase in the rate of decline in revenues over the period relative to the first half." On a more positive note, it added: "...Robust operating profits and strong cash flow during the period enabled a further £19m reduction in net debt, giving a total reduction of £59m for the year to date, to £162m.

United Utilities: Nomura downgrades from buy to neutral, target cut from 715p to 660p.

Tate & Lyle: Jefferies keeps buy rating and 800p target.

Sportech: Panmure Gordon keeps buy rating and 71p target.

Spirent Communications: Jefferies keeps buy rating and 169p target; Panmure Gordon cuts target from 188p to 184p, buy rating kept.

Spirax Sarco: Jefferies keeps hold rating and 2,045p target.

Severn Trent: Nomura cuts target from 1,645p to 1,550p, neutral rating kept.

RSA: Panmure Gordon reiterates hold rating and 110p target.

Rightmove: Westhouse Securities upgrades to neutral, target lifted from 1,434p to 1,506p.

Reed Elsevier: Jefferies keeps buy rating and 635p target.

Randgold Resources: HB Markets downgrades to hold.

Pennon: Nomura cuts target from 755p to 730p, neutral rating kept.

Micro Focus: Merchant Securities retains hold rating, institutes 600p target (previously under review).

Marshalls: Panmure Gordon keeps hold rating and 95p target.

Marks & Spencer: HSBC upgrades to overweight, target lifted from 350p to 450p.

Land Securities: Jefferies keeps hold rating and 849p target; Panmure Gordon keeps hold rating and 820p target.

JD Wetherspoon: Panmure Gordon raises target from 520p to 615p, buy rating kept.

Howden: Panmure Gordon keeps hold rating and 110p target.

Fenner: Panmure Gordon cuts target from 465p to 460p, buy rating kept.

Experian: Jefferies keeps hold rating and 1,200p target.