Member Info for jange

Third quarter update: The group delivered another progressive performance, with management highlighting volume growth ahead of its markets. The group’s outperformance of rivals was led by growth in the Emerging Markets. The region delivered another quarter of double digit growth (+12.1%). Shampoo Tresemmé made strong headway in Brazil and has recently been launched in Indonesia and India. Sunlight hand dishwash delivered a strong performance in South and South East Asia, whilst ice cream Magnum was successfully launched in the Philippines and Malaysia and continues to do well in Indonesia. Developed markets declined in the quarter, although are marginally up year to date. The company continued to battle intensely competitive, promotionally-driven markets. In response, for example in Greece, it launched a range of value priced products under the locally well-known Elaïs brand. In all, while highlighting still challenging conditions ahead, management noted that for the year, it remained on track to deliver a modest improvement in its core operating margin. On balance and despite clear headwinds, product innovation continues to be pursued, Emerging Markets are being strongly targeted whilst management’s corporate transformation programme remains ongoing.

Unilever is a global supplier and manufacturer of consumer products within the food, household care and personal goods arenas. The Anglo Dutch consumer products giant is currently traded on both the Amsterdam and London Stock Exchanges. The group comfortably sits within the world’s top five consumer goods groups. Major brands include Dove, Lipton Teas, Bertolli, Hellmann's, Knorr, Sunsilk, Domestos, Cif, Comfort, Lux, Slim-Fast, Signal, Becel/Flora pro.activ, Surf, Vaseline, Magnum, Cornetto, Ben & Jerry's and many more.

Investec has maintained its 'buy' rating for media and advertising giant WPP but has put its 950p target price under review after a disappointing third-quarter trading update on Thursday. "3Q IMS is disappointing with slower US/Europe but also Emerging markets. The latter is expected to bounce back but other areas may stay tough, so numbers reduce slightly," said analyst Steve Liechti. WPP, run by frontman Sir Martin Sorrell, said that third-quarter reported sales increased by 1.6% while like-for-like (LFL) growth was 1.9%. Investec said that this was below the 5% and 1.9% rises expected, respectively. The broker now expects full-year LFL sales growth of 2.5-3%, compared with 3.5% previously, as the fourth quarter is expected to be softer in North America, Europe and Latin America, while Asia Pacific is improving. Nevertheless, Liechti said: "Shares likely to be weaker today but international marketing growth story remains, so a buying opportunity could emerge." On valuation terms, Investec believes that the shares are not expensive by historical standards but reflect the tougher current macro-economic environment; the stock trades at around 11 times full-year earnings. As Liechti predicted, the share price was under pressure in morning trade, with the stock down 2.17% at 790.43p by 09:59.

Investec has maintained its 'buy' rating for media and advertising giant WPP but has put its 950p target price under review after a disappointing third-quarter trading update on Thursday. "3Q IMS is disappointing with slower US/Europe but also Emerging markets. The latter is expected to bounce back but other areas may stay tough, so numbers reduce slightly," said analyst Steve Liechti. WPP, run by frontman Sir Martin Sorrell, said that third-quarter reported sales increased by 1.6% while like-for-like (LFL) growth was 1.9%. Investec said that this was below the 5% and 1.9% rises expected, respectively. The broker now expects full-year LFL sales growth of 2.5-3%, compared with 3.5% previously, as the fourth quarter is expected to be softer in North America, Europe and Latin America, while Asia Pacific is improving. Nevertheless, Liechti said: "Shares likely to be weaker today but international marketing growth story remains, so a buying opportunity could emerge." On valuation terms, Investec believes that the shares are not expensive by historical standards but reflect the tougher current macro-economic environment; the stock trades at around 11 times full-year earnings. As Liechti predicted, the share price was under pressure in morning trade, with the stock down 2.17% at 790.43p by 09:59.

Panmure Gordon has raised its target price for consumer products group Reckitt Benckiser after strong growth in Europe and North America (ENA) helped like-for-like (LFL) sales beat forecasts in the third quarter. Total reported sales, down 1% at £2,422m, were pretty much in line with consensus, however LFL growth of 5% came in above the 4% estimate. A robust result from ENA - the region delivered its first growth since the fourth quarter of the year before - returned to growth, though the group still experienced a modest slowdown in Russia, Middle East and Africa (RUMEA) and Food experienced an "evaporation of growth", Panmure said. The broker said: "The ENA performance is encouraging, but we would caution against getting too carried away by one quarter of 2% growth, particularly as it was helped by a significant increase in brand investment and a good start to the cold/flu season. Our 2012E earnings per share forecast of 248.7p remains unchanged, and only represents 0.6% growth on 2011A. "Reckitt only reiterated its full-year outlook, and as such we believe the initial 6% jump in the share price was a slight over-reaction. Nevertheless, we nudge our price target up by 3% from 3540p to 3650p and reiterate our 'hold' recommendation." Shares were down 0.66% at 3,743p in mid-morning trade on Thursday, pulling back of the decent bounce the day before.

WPP: Investec puts target under review, buy rating kept.

Workspace: Seymour Pierce lifts target from 270p to 330p, buy rating kept.

Wolseley: Seymour Pierce maintains hold rating and 2,700p target.

Whitbread: Citigroup downgrades to neutral, target lifted from 2,300p to 2,400p.

Volex: Jefferies cuts target from 340p to 240p, buy rating kept.

Unilever: Investec puts target under review, hold rating kept.

Tarsus Group: Investec ups target from 192p to 193p, buy rating kept.

SEGRO: Jefferies keeps hold rating and 251p target; Investec keeps buy rating and 250p target.

Reckitt Benckiser: Nomura raises target from 4,100p to 4,200p, buy rating kept; Credit Suisse lifts target from 3,500p to 3,700p, neutral rating kept.

Polymetal: Nomura raises target from 1,425p to 1,530p, buy rating kept.

Home Retail: HSBC upgrades to overweight, target lifted from 100p to 135p; Nomura keeps reduce rating and 85p target.

Go-Ahead: Jefferies upgrades from hold to buy, target raised from 1,220p to 1,470p.

British American Tobacco: Nomura keeps buy rating and 3,506p target.

Berkeley Group: Goldman Sachs upgrades to conviction buy, target lifted from 1,950p to 2,200p.

AstraZeneca: Jefferies keeps hold rating and 3,00p target.