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More... Canaccord Genuity maintained its "buy" stance and 520p price target on Greggs (GRG), bringing light to the government's U-turn on the proposed pasty tax, which sees the removal of significant financial and strategic risks from the high-street bakery. The broker views the resolution as a positive catalyst for the shares, which it believes should recover to their long-term 13 times earnings multiple, up from the current 11.2 times.

Daniel Stewart reiterated its "buy" stance and 225p price target on GVC Holdings (GVC), believing that its 28p prospective dividend, which offers an impressive 16.6% yield, makes the shares an attractive play for retail and income funds. Meanwhile, with the business to business arm of the gambling company performing particularly well, the broker's EBITDA forecast of 15.5 million euros for the year to December 2012 leaves the shares on a multiple of just 6.1 times.

WH Ireland initiated coverage on Halosource (HALO) with a "speculative buy" recommendation and 36p price target, noting the clean technology firm's water treatment products have a massive potential in developing markets. The broker believes the recent appointment of Martin Coles as chief executive should be "transformational", as he has excelled in marketing dominated business such as Starbucks, where he was chief operating officer, and Reebok, Nike and PepsiCo, where he held various executive and senior management positions. In addition, the broker notes, the recent signing of a number of distributor agreements should have an immediate positive impact on revenue and profits

Looking very positive here - v good results and outlook rosy too

Outlook We are currently engaged in due diligence on a number of exciting opportunities, which, if successful, could involve around £300 million of new investment. We believe that our patience and discipline will be well rewarded as we are increasingly seeing better value opportunities coming to the market as property owners and lenders decide to deleverage their portfolios. We are happy with our investment and development assets in the City of London. We retain our commitment in Joint Venture with Green Park to our excellent distribution portfolio and we remain active in Central London residential. There are other sectors where the availability of excellent income returns is increasingly clear and appealing and we hope to announce progress shortly. Again, I would like to thank everyone at London & Stamford and those with whom we are engaged for all their hard work during the last year and look forward with anticipation to an exciting next 12 months of new investment and enhanced shareholder returns. We remain convinced that we will find sufficient attractive investment opportunities to continue with our progressive dividend policy going forward.

Raymond Mould, The Executive Chairman of London & Stamford Property Plc, said: "The continued economic and financial uncertainty which surrounds us has supported our cautious and disciplined investment approach. Our total firepower currently is c.£900 million and this puts London & Stamford in a very strong position in a market which we believe is offering increasingly exciting opportunities for investment in good quality assets with good covenants at reasonable prices. Our strategy continues to be to identify opportunities in the UK market which will offer double digit cash equity yields and I am delighted to report that we currently have under offer four potential investments with a value around £300 million which we are hopeful can complete in the near future. The Group generated a profit for the year of £5.3 million (2011: £43.3 million) with an underlying profit of £25.4 million (2011: £15.9 million). This is a 60% increase in the recurring profit of the Group, which provides supporting evidence to a progressive dividend policy as exceptional and non recurring costs work their way through the system. The Board has proposed a final dividend of 3.5p per share to be paid on 13 July 2012, which, when taken with the interim dividend of 3.5p per share paid on 21 December 2011, produces a total dividend in respect of the year of 7.0p per share, an increase of 11.1% on the 2011 dividend. We remain convinced that the strength of our balance sheet will enable us to find sufficient attractive investment opportunities in the market to continue with our progressive dividend policy going forward."

· 60% increase in underlying profit in the year · 47% increase in EPRA earnings in the year · Total dividend of 7p per share; an increase of 11% on 2011 · Total firepower of almost £900 million · Finalising tripartite £200 million Central London Residential Joint Venture. LSP committing £80 million · Currently c.£300 million of investment opportunities under offer · Total further Group investment of £161.4 million in the year and £24.1 million through Joint Ventures · Creation of new £205 million Distribution Joint Venture with Green Park Investments. LSP committed £46 million · Disposal of Triangle Distribution Portfolio for £265 million in the year. An equity return of 33% · Actively engaged in disposal of our interest in Meadowhall Shopping Centre · Increasing rental levels in Central London residential · Net gearing of 28% at year end

http://www.investegate.co.uk/Article.aspx?id=201205300700083649E

Commenting on the collaboration, Keith Evans, Chief Executive of Tribal, said "We are very excited to be working with SAS as one of the world leaders in information analytics. Our skills in the area of evidence-based school improvement are complementary and we feel that, in combination, Tribal and SAS can make a significant contribution to the development of predictive tools for education improvement". "SAS provides both value-added analysis as well as student projections and a variety of diagnostic reporting. The system provides a valuable resource for professional development conversations with school administrators as well as important information to improve student outcomes ," said Paula Henderson, Vice President, SAS State and Local Government Practice. "But teachers and administrators need to understand how to use the information effectively. Our collaboration with Tribal will be critical in training teachers and administrators to use value-added analyses to improve teaching and student performance."

Tribal and SAS agree to collaborate on evidence based Education improvement programmes in the US Tribal and SAS, both leading organisations in education improvement and education analytics, are pleased to confirm that they have entered into collaborative discussions on the development of new software tools to support evidence-based education improvement programmes in Tennessee. Both Tribal and SAS have existing contracts in the region which will benefit from this collaboration, with both companies excited by the wider potential of such products.

http://www.investegate.co.uk/Article.aspx?id=201205300700113635E

29th May 2012 Analyst: Andrew Noone Email: andrew.noone@gecr.co.uk Tel: 0207 562 3361 e-Therapeutics plc: Positive preliminary results – strong cash position, three drugs due to enter clinical trials. Buy with an 88p target price

Canaccord Genuity has upgraded its rating for high street bakery and hot snacks chain Greggs now that 'pasty-gate' is over, saying that its target price of 520p now represents 12 per cent potential upside.

Peel Hunt has upgraded its rating for international publishing and events group Euromoney Institutional Investor from hold to buy and maintained its target price at 800p. "Though results were in line and guidance on trading not significantly changed, we are upgrading by 6% this year at the EPS [earnings per share] line as the company enjoys a one-off credit at the CAP cost line and a 4% improvement on proposed tax rate," said analyst Malcolm Morgan.

Apologies this is the rest of the broker note. The broker says that it prefers Belgian materials technology group Umicore in the long run but sees around a 12% potential upside to Johnson Matthey. In an earlier research report on Tuesday, the broker raised its target price on the stock from 2,350p to 2,400p.

Credit Suisse has maintained its long-term neutral rating for FTSE 100 speciality chemicals group Johnson Matthey but has given the stock a short-term buy trading call, recommending investors to build positions ahead of the full-year results on June 7th.

Matthew Peacock, Chairman of Renold, said: "We are pleased to be able to report significant growth in operating profit and earnings per share for the second consecutive year despite economic conditions which were more challenging than 2010/11. We continued to convert incremental revenue to additional profit at a high rate whilst further reducing our cost base. We are aiming to deliver further growth in sales, margins and operating profit in the year ahead to support continuing robust growth in earnings."

Renold, a leading international supplier of industrial chains and torque transmission products, today announces its preliminary results for the year ended 31 March 2012. Financial Summary 2012 £m 2011 £m Revenue 209.5 191.0 Operating profit before exceptional items 14.1 7.0 Operating profit 12.0 4.3 Basic earnings/(loss) per share 2.8p (0.4)p Adjusted1 earnings per share 4.2p 2.0p Highlights · Adjusted1 earnings per share more than doubled to 4.2 pence · Adjusted1 operating profit increased by 101% to £14.1m · Underlying2 sales growth of 9% · Torque Transmission achieved underlying growth of 10% and operating margin of 16% · Average working capital to sales ratio3 cut by 9% · Initiatives taken to cut the structural pensions deficit largely offset the impact of lower net discount rates · Net debt leverage cut to 1.2x EBITDA

http://www.investegate.co.uk/Article.aspx?id=201205290700102679E

Nick Jefferies, Group Chief Executive, commented: "The business has performed well during the year delivering a 9% growth in underlying operating profit and free cash flow of £10.5m, building upon the significant progress of the last two years. The Company has benefited from taking market share from smaller independent competitors who are unable to match the breadth and technical depth of our offer and has continued to attract new supply partners to our business. The plan to become a fully specialist business is now largely complete and on schedule. The business is resourced to take benefit from the growing pipeline of new opportunities and is well positioned for further growth when economic conditions improve. Given the continuing difficult economic conditions in Europe and the uncertainty of the timing and pace of a recovery, we remain cautious for the year ahead, but well positioned to accelerate growth as and when conditions improve."