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http://www.investegate.co.uk/Article.aspx?id=201203290700093300A

Investec has maintained its sell rating for sugar and sweeteners group Tate and Lyle but raised its target price for the stock from 610p to 640p ahead of tomorrow's fourth quarter trading update. Analyst Martin Deboo said that "[we are] expecting little drama and are soft-pedalling our sell case at an increased target price." He said US corn refining economics are stable-to-improving, with co-product prices rising a bit, which is positive for margins. On the Sweeteners side, he said things are "still sweet" on the back of high sugar prices and a growing buzz around Tate’s ‘PureFruit’ (Monkfruit) new sweetener.

Clinton Cards, the UK's largest specialist retailer of cards, has posted a loss after a challenging half year, blaming weak consumer confidence for its decline in life-for-like (LFL) sales. The firm fell into the red, plunging to a pre-tax loss of £3.7m in the six months to January 29th compared to a profit of £11.7m in the same period a year earlier. In a statement the firm said: "The outlook for the second half of the current year is below our previous expectations. The significant changes we are undertaking within the business, and those we will announce following the completion of the strategic review, will begin to benefit the business from the end of the second half and will position the business for long-term growth." Total revenue in the period from the Clinton brand was £171.7m compared to £178.3m from 21 fewer stores than last year. LFL sales in the 26 weeks were 1% lower, but transaction levels remained the same while spend per head decreased by 1.0%. Total revenue for the Birthdays brand in the UK for the period was £25.5m compared to £28.6m in the corresponding period last year, representing a reduction in LFL sales of 2.1%.

CONT Valuation Our model remains unchanged in light of this announcement. We continue to forecast a Net Present Value of $408.9 million (252.4 million), which after discounting to account for the fact that none of the company’s compounds have yet to progress to and through Phase II, leads us to a target price of 91p per share. The NPV model does not accrue any value for the unique and fully patent protected drug candidate discovery platform – which should become increasingly valuable as the portfolio expands and more candidates become partnered. Consequently, currently trading at 32.25p, our stance remains buy

e-Therapeutics, the AIM-listed biotechnology company with a proprietary platform in network pharmacology – an innovative new approach to drug discovery based on the science of complex systems - is on track to report the first data from trials of cancer drug ETS2101 and to advance three further drugs into the clinic by the end of 2012. This comes a month after the Prime Minister, David Cameron, opened the company’s new drug discovery centre at Long Hanborough near Oxford. Accordingly, we re-iterate our buy recommendation with a 91p target price. Cancer drug ETS2101 progressing well Providing an update on cancer drug ETS2101, e-Therapeutics said that regulatory agencies in the United Kingdom and United States have approved plans for phase I trials of the cancer drug and that enrolment of patients into trials in these countries will begin shortly. A phase I trial in the UK will recruit patients with a variety of solid tumours, while the US-trial will enrol patients with primary or secondary brain tumours. Expectations for other candidates ETX1153c, a drug with a high potency against C.difficile - a bacterium that is responsible for severe and sometimes life-threatening outbreaks of diarrhoea in hospitalised patients - is expected to enter phase I trials in the second quarter/third quarter of 2012. The anti-depressant drug, ETS6103, will commence phase IIb trials in the third quarter, while ETX1153a, the topical agent being developed for resistant hospital-based infections, will enter trials in the fourth quarter.

29th March 2012 Analyst: Emanuil Manos Halicioglu Email: emanuil.halicioglu@gecr.co.uk Tel: 0207 562 3368 e-Therapeutics - Phase I approval for clinical trials of cancer drug ETS2101. Buy, with a 91p target price.

Daniel Stewart reiterated its "buy" recommendation for Sportingbet (SBT), with an 80p target price. The online gambling group has made its final payment to the US Department of Justice under a Non-Prosecution Agreement, which the broker feels leaves it free to seek opportunities in the American market. However, Daniel Stewart warned that the group faces an injunction against its Spanish websites Miapuesta.es and Miapuesta.com, which will result in them being closed for around two months. The broker calculated that this will reduce 2012 profits by around 4 million pounds, leading to an EBITDA target of 51.8 million pounds. The broker added that it does not expect this to have a long term impact on revenues. The shares fell 0.5p to 37.5p.

Seymour Pierce retained its "buy" recommendation for Babcock International (BAB) with a 900p target price. The engineering group focuses on complex integrated services, which the broker noted offers less competition and higher margins. Seymour Pierce also pointed out the firm's diversified customer base, including education, infrastructure, nuclear and rail. On the broker's earnings forecasts, the shares trade on a prospective multiple of 12.7 times for 2012, falling to 11.6 times in 2013. Babcock shares slipped 11.21p to 786.29p.

Singer Capital kept its "sell" rating for Topps Tiles (TPT) with a 19p target price. The flooring specialist reported a first half decline in like-for-like sales of 4.8%, which the broker noted was an acceleration on the first quarter's fall of 4.2%. Singer forecasts full year pre-tax profits of 11.5 million pounds and warned that the Olympic and Euro 2012 championships could be disruptive to trading, noting that this has been the case in previous years. The shares crept down by 0.03p to 37.97p

Shore Capital maintained its "buy" stance on Staffline (STAF) and increased its forecasts, now expecting revenues of 35 million pounds for the 2012 financial year, up from 33.8 million pounds. The broker believes that the recruitment sector started the year ahead of expectations and noted that the agency secured a number of contract wins as clients prepared for the Agency Worker Regulation legislation. Shore's increased forecasts put the shares on a prospective earnings multiple of 7.8 times for 2012, falling to 6.4 times in 2013. Staffline shares lost 5p to 231p.

Sir John Peace, the Chairman of Experian, the FTSE 100 information services firm, sold 12,633 shares in the firm and gave the proceeds to charity. Peace sold the shares at 990p each for a total of £125,067. "In addition, Sir John made an off-market gift of 5,015 Shares to charity for nil consideration," the company announced. The transaction took place on March 27th, the same day the firm said it would increase its footprint in Japan by buying email marketing company Altovision. Experian did not reveal how much it is paying for Altovision, but did say the acquisition would be funded from existing cash resources.

Following yesterday's trading update from contract caterer Compass Group, Nomura has reiterated its buy rating and 800p target price for the stock, saying that it remains its preference in the European leisure sector. "CPG remains one of our top sector picks because of structural growth in the catering and support services segments, free cash flow strength and medium-term potential for margin upside," the broker said.

Investec has this morning downgraded its rating for medical devices maker Smith and Nephew from buy to hold and cut the target price slightly from 663p to 660p. "We move our recommendation from buy to hold as, whilst we think the business is making good progress, the combination of what looks like a relatively full valuation, a likely dull set of Q1 results and the longer-term nature of a lot of the upside drivers, suggests that the scope for short-term outperformance is limited," said analyst Sebastian Jantet. He said that improving volumes in the US and acquisitions could potentially provide some upside to the stock, "but the timing of these remains hard to call."

Liberum Capital downgrades Atkins (WS) from buy to hold, target price raised from 775p to 850p.

Investec upgrades Henderson Group from hold to buy, target price 149p.

Goldman Sachs initiates buy on Mulberry Group, target price 3530p

If this drops to 25 again then I think I will be in - quite fancy this one -now that xaka launch costs are out of the way

John Mclean, Non-Executive Chairman of China Food, said: "The Board is pleased with the progress that has been made during the period, and is excited about the opportunities that exist in the market. With the Group's recently increased capacity, the opportunity for international expansion is significant, and our domestic market penetration continues to progress to plan. We look forward to giving shareholders a full update at the Preliminary Results which we anticipate releasing by mid May."

CONT Further to the announcement made on 15 February 2012 regarding the Company's animal feed business, the proposed disposal of Fuss Feed continues to progress as planned with due diligence in progress. The Company will provide a further update as appropriate. Amidst the global economic uncertainty China is still forecast to grow at 7.5%, albeit at a slightly slower rate than previously due to reduced export levels. New initiatives to boost domestic expenditure, including reducing interest rates and releasing capital into the banking system, may positively impact consumers' purchasing power. In 2011, urban and rural disposable income per capita increased 8.4% and 11.4% respectively, continuing the growing affluence and affirming the Company's strategy to produce higher quality products.

Trading Update China Food Company plc (AIM: CFC), a leading Chinese manufacturer of cooking and dipping sauces, is pleased to provide an update on trading following its year end of 31 December 2011. Revenue is expected to increase by 12% to over £40 million with approximately £16.9 million contributed from the condiments business and approximately £23.3 million from the animal feed business. The Group's soya sauce business grew by 27% during the year, largely driven by "Xaka", the Group's premium-grade soya sauce which was launched in October 2011. The Board anticipates that profit before interest and tax will be as previously announced at approximately £1 million. EBITDA is expected to be £1.9 million, after accounting for the exceptional launch costs of Xaka, which were approximately £2.6 million, which when excluded, would give an EBITDA of £4.5 million. The Group's cash position remains strong with £6.58 million and net assets of approximately £39 million as at 31 December 2011. Since the period end, trading has been in line with expectations. The Board remains positive about its "Xaka" product line as part of its broader strategy to become a notable north China condiments player, and the Company participated in the National Summer Food Fair in Chengdu, Sichuan Province in China from 23 March 2012 in order to maintain the momentum that has been built, increase brand awareness and seek more distribution partners. To date, the Company has signed up 118 tier-one distributors and has rolled out "Xaka" across over 2500 retail outlets in northern China with a strong emphasis in Shandong. The Company is working with these distributors to build local brand awareness through localised promotion strategies to publicise China Food's products. In particular, the Company invested significantly in Q4 2011 in heightening consumer awareness of the "Xaka" branding and canvassing tier 1 distributors. This investment significantly impacted the profitability of the Company in 2011, and the Board anticipates that this will continue into 2012 whilst the Group continues to build its network and consumer awareness. The Board expects the benefits of this investment to become visible in terms of revenues in H2 2012 and beyond. In line with China Food's stated strategy, the Company is developing its product range to be a market leader in northern China. Given the growth profile of this market, the Board is currently exploring the possibility of partnering with an international food brand in order to expedite the Company's market penetration for condiments. To date, the Company has been approached by a number of international corporations and as a consequence, is now looking to broaden such discussions.