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Fiberweb (FWEB) remains a "buy" for Panmure Gordon, with a target price of 90p, following a promising pre-close update. The non-woven fabrics manufacturer is expected to deliver first half turnover of over 10% and the broker believes the group will see improved performance in the second half, with hedging in place to reduce raw materials price volatility. Panmure also notes that the company has increased its market share in Europe and remains a market leader in the US. The shares lost 0.5p to 59.5p

Hansteen Holdings (HSTN) retained its "buy" rating from Evolution Securities, with a 90p target price. The broker believes that Warner Estates, in which the property company has a 18.5% holding, is heading towards dissolution in the next 18 months. If this happens Evolution believes Hansteen will be in prime position to acquire the ailing company's prime assets in the ensuing firesale and, in addition, could potentially take control of the Ashtenne Fund, managed by Warner, which Hansteen previously sold to it in 2005. The shares slipped 0.95p to 82.85p.

Brewin Dolphin upgraded HomeServe (HSV) to "buy" from "add" with an increased target price of 600p, from 566p. The broker improved its recommendation following a positive interim management statement from the insurance company and expects the group to achieve a 3% customer growth rate in the UK. Brewin believes that the firm's current ratings, a price to earnings multiple of 16.9 times for 2012 falling to 14.6 times in 2013, are too low for the business, which it claims has proven its resilience and growth potential. Shares in HomeServe fell 4.8p to 418p

Shares in Brewin Dolphin took a dive yesterday after the financial services firm released its third-quarter update. The numbers did not make for fantastic reading. Most notably, its investment management revenue of £64m was a sizeable 11 per cent behind forecasts, while funds under management missed hopes by 3 per cent. Investors should also note that although Brewin’s share price has been under pressure since March, City scribblers have been positive towards the group. The reason is that back in May, the company announced plans to tackle the thorny issue of why its operating margin was significantly lower than those of rivals such as Rathbones. The major review that was launched at the time is expected to take up to three years, although the company did say it hoped to see some positive changes in the near future. Nonetheless, it remains a long-term issue and, if you’re prepared to wait, it could provide some significant upside as the company makes improvements, according to the Independent, which gives Brewin a buy

The last time we looked at Morgan Crucible, we decided to hold, reasoning that while the company boasted strong prospects, the shares, though not forbiddingly pricey, had already woken up to the growth story. Since then, the industrial materials group, which serves a variety of markets, including energy, has continued to show strength. Yesterday’s half-yearly results, for example, showed an 11.8 per cent rise in revenues against the same period last year. In constant currency terms, the hike was 14 per cent. So, is it time to buy again? In a word, yes. Besides the strong performance, and despite share price gains in recent months, the valuation has come down. Buy, recommends the Independent.

British American Tobacco has tended to forge ahead of its smaller quoted rival Imperial Group, and this week’s results have proved no exception. Imps, mired in a price war in Spain, reported a 3 per cent decline in cigarette sales in its nine-month trading update. BAT came in with a 1 per cent decline in the first half of this year, against a market that fell by 2 per cent. BAT is well on the way to meet its 35 per cent operating margin target for 2012, probably this year. Adjusted first-half profits of £2,760 million were up 12 per cent on last year. The shares sell on about 15 times’ earnings, at the top of their range. That dividend yield is always going to provide a degree of support, but it is difficult to see much upside for the price at this level and, looking at that share price graph, those in for a while might consider taking some profits, suggests the Times.

26th July 2011 Analyst: Philip Morrish Email: philip.morrish@gecr.co.uk Tel: 0207 562 3362 e-Therapeutics - Strong balance sheet supports accelerated growth plan; reiterate stance of buy Valuation Realistically valuing any early stage biopharma is, to say the least, highly speculative because they are typically bets on one or two very early stage drug candidates ever making it to market or securing a late stage clinical trial partner before the company runs out of cash. However, e-therapeutics is unlike its stereotypical peers because it has sufficient resources to support its accelerated discovery and development programmes in addition to its unique, proven and patented drug discovery platform. We have previously indicated a heavily discounted NPV of 106p and believe that this expectation remains reasonable, particularly as the company is even more commercially focused through the appointments of Messrs Self and Elger. Obviously, the realisation of any potential value is dependent upon many variables but in the short-term, we anticipate that the share price will respond more to news flow concerning the results of clinical trials for its prioritised candidates, other discovery candidates as well as possible development partner announcements. Therefore, with the shares trading at 36.5p and an indicative target price of 106p, we re-iterate our recommendation of buy.

Panmure Gordon upgrades Communisis from hold to buy, target price raised from 31p to 39p.

KSK Power Ventur (KSK), the India focused company with interests in multiple power plants, saw pre-tax profits increase 127% to 52.5 million dollars on the back of a 329% increase in revenue to 226.8 million dollars for the year ended 31st March 2011. Growth was led by the successful commission on new power assets, with operating capacity more than doubling to 933 MegaWatts (MW). The group now has projects under construction with a total capacity aggregating to 3,720 MW, and boasts an increase in cash deposits from 2010 of 33% to 367.1 million dollars. KSK share jolted 15p to 590p.

Strong organic growth of product sales and the acquisition of Storage Fusion saw revenues at business technology group Avisen* (AVI) increase by 70% to 12.3 million for the year ended 31st January 2011. Despite significant growth in sales, a one-off impairment charge of 4.5 million and the integration of new acquisitions saw pre-tax losses of 7.8 million pounds, up from 2.3 million pounds in 2010. The recent disposal of Inca Software for a consideration of 7.3 million pounds will provide the group with the means to invest in its current product-base as well as seek new acquisitions. Avisen shares fell by 0.625p to 5.625p.

Amiad Filtration Systems (AFS) announced revenues had increased in all areas in the first half of 2011 as the company entered the year with a higher backlog than at the corresponding time in 2010. Growth in the industrial and municipal segments was particularly strong in Australia, Central America and across Europe. Amiad expects to report first half revenues between 45% and 50% higher than for the first half of 2010, which will be released in an interim statement in September. Amiad shares rose by 3.5p to 191p.

The 'economic slowdown' impacted Newmark Security's (NWT) performance for the year ended 30th April argued Maurice Dwek, chief executive of the group, as turnover fell 8.3% to 12.65 million pounds and pre-tax profit by 51% to 808,000 pounds. The group remained positive that of the company's medium a long-term growth, particularly with the signing of a multi-year repair agreement with a high street bank worth two million pounds. Newmark shares slid 0.18p to 1.2p.

Solid State (SSP) impressed shareholders with its preliminary results for the year ended 31st March 2011, reporting 57% growth in turnover to 21.2 million pounds and 135% growth in pre-tax profit to 1.24 million pounds. The acquisition and integration of Rugged Systems as well as the restructuring of Solid State Supplies, which as a result returned to profitability, significantly boosted the electronic distributor's performance. The group was also able to announce a doubling of the total dividend to 6p per share; a 4.8% yield . Solid State shares jumped 6.5p to 124p.

Adjusted pre-tax profits at Renishaw (RSW) were up 181% year-on-year, at 80.4 million pounds, but this figure is below market expectations of 83.4 million pounds. This comes on the back of increased revenues of 288.7 million pounds, up 59%. The engineering company reported growth across all geographic areas and noted that China has become the group's largest market, with revenues of 54.3 million pounds, up from 34.2 million pounds in 2010. Shares in Renishaw slid 196p to 1,690p.

British American Tobacco (BATS) generated pre-tax profits of 2.8 billion pounds for the six months ended 30th June, up 22.3% on the same period last year. This growth comes despite a decline in global sales volume of 1% to 344 billion and increased excise tax in many countries, for which the company compensated for by increasing prices. The cigarette manufacturer also noted that its four main brands saw an increase in volume over the period, including Kent growing by 16% and Pall Mall by 14%. Chairman Richard Burrows commented: "With continued pricing momentum, an increase in market share and the rate of volume decline moderating, we are on track for another very good year." The shares rose 10p to 2,871p.

WH Ireland initiates buy on Solid State, target price 153p.

Evolution Securities reiterated its "buy" recommendation for Plant Health Care (PHC) with a 150p target price after the agricultural technology developer signed a multi-year agreement with INCOTEC. The broker also feels that the share price does not reflect the value of major contract wins in the last year and believes that when the market recognises the company's success it will cause a large move. Evolution expects limited revenues from the group in 2012, but with a steadier income in 2013/14 as products based on the company's technology are released. Shares in Plant Health Care grew 4p to 53.75p.

Dignity (DTY) retained its "buy" rating from Panmure Gordon with an increased target price of 955p, from 872p after the funeral home delivered profits before tax of 24.7 million pounds, 0.7 million pounds higher than previously forecast. This comes on the back of increased revenues per funeral, up 5.1% year-on-year, which is also greater than the broker's expected 4% rise. The updated target price equates to an expected 2012 earnings-per-share multiple of 16x, which the broker notes is still at a discount to overseas peers and is within its historic traded range. Shares in Dignity shares shed 9.5p to 800.5p.

PZ Cussons should really not be doing as well as it is. Best known as the maker of Imperial Leather and Carex soap and for having, for historical reasons, a large trading operation in Nigeria, the company hit a number of headwinds in the last financial year. The looming Nigerian elections meant some disruption to sales there. The company faced significant input cost increases from anything from palm oil and tallow to packaging. In the event, the elections in Nigeria came and went and trading picked up again, even if operating profits from Africa, almost two fifths of the total in the year to the end of May, were down a little. In Europe, the company responded by heavier promotions and reckons to have grown its market share in its core washing and bathing market from 21% to 25% over the year. The shares, more than half of which are owned by the founding Zochonis family, have always sold on a multiple of above 20 times’ earnings and are currently on almost 25 times’ this year’s forecast. Hold, says the Times.

WH Ireland initiates buy on Renold, target price 58p.