Picked this nugget from Goldman Sachs note on the sector and specifically the legal risks.
EUROPE - The next key date for the European legal debate is March 6, when we expect the Placanica hearing to deliver a verdict that is broadly supportive of liberalization. However, the effectiveness of the ECJ remains limited as it does […]

Arbuthnot says buy up to 57p, while Dresdner Kleinwort has upped its target to 63p from 50p. DK says: ‘Management
has managed to successfully restructure the business in a short time period and future organic growth, helped by EPS enhancing acquisitions, lead to a 30% FY2008E EPS upgrade to 4.2p.’

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Goldman Sachs moves its price target to 480p from 451p with a buy. Says: ‘We have updated our 3-month DCF-based price target and forecasts for movements in the forward oil curve (2008-12) and the impact on power prices since our last publication on February 19, 2007.’

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Looks like the management will borrow against its assets/cashflow to fund the latest phase of development rather than tap investors. Sense there is a feeling of frustration at the share valuation - they think it is far too low given it has two potential blockbusters in the late stage of development.

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Still waiting for the bid for Commiditrade in which Andrew Regan’s vehicle is a big shareholder. Lot of talk along those line in the press. Assured deal is not far away. Buyer is a loadsamoney investment bank. Don’t be short.

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The rumour that won’t lie down. The owner of Argos and Homebase has apparently caught the eye of Apax Partners, which is ready to make a tilt. It is the stand out feature of the Footsie and the real pros have been piling in for a while. Remember the VCs tried to get in before […]

Results are bang in line. Piper Jaffray disappointed there is no news on patient recruitment or trial design for phase III tests on Pollinex for grass and ragweed. Restates its reduce and 115p price target. Broker says: ‘Concerns remain regarding the timely completion of recruitment of participants for the grass study, and we still await […]

Evolution’s Peter Cartwright is punting GSK as a safe haven in these troubled times. He says: ‘GSK can confidently be expected to outperform on any sustained emerging market/credit risk triggered market fall.’ Rates the shares a buy up £16.

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UBS restates its buy with 65p price target. Broker says the results are in line and as expected. Broker says: ‘We see little in the results to move the shares strongly in either direction, with the larger dividend likely in our view to result in modest net upward pressure. ‘The reported numbers are dominated by […]

UBS says the results are as good as could be hoped for. Restates its buy advice with a 210p price target. Broker says: ‘We regard comments that markets should grow at 4-6% in 07 as reasonable and broadly in-line with cons. Comments that the Dutch, Nordic and French businesses should at least match local market […]

First Read from JP Morgan - headline numbers slightly ahead of forecast, but including extraordinary items earnings fell behind consensus.
Broker says there is no mention on HBOS increasing its return on equity targets. Restates its underweight stance.

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Cut to neutral from buy at UBS after the results.

Goldman Sachs retains its buy after the accounting scandal at the slate arm, though it is dropping its earnings forecasts and price target - which goes to 581p from 650p a share.
Broker says: ‘Clearly, any incidence of accounting fraud/irregularity can only be regarded as
negative. However, given that the issues seem to be contained within the […]

UBS raises its price target on the insurer to 485p from 450p after yesterday’s results but remains neutral. Nobody will come out an buy this one as HBOS is such a big shareholder. This is as good as gets.

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UBS has raised its price target to 295p from 270p but remains neutral on the stock.

The retailer is downgraded to neutral from buy on valuation grounds by Merrill Lynch. Says it is vulnerable to increased competition.

Lehman Brothers reckons Sainsbury’s property portfolio is worth £7bn-£7.5bn based on recent deals in the sector. Says this would justify a 550p takeout price, but it remains underweight with a price target of 396p.

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JP Morgan remains neutral with 115p a share price target. But it gives boss Michael Grade some pointers on the task ahead. Analyst says if he was CEO for a day he would:
1) promote a culture of innovation and risk-taking in the company and in particular in the
programming schedule;
2) adopt a more aggressive commercial […]

Lehman Brothers raises its price target to 210p from 198p after results. Remains overweight. Broker says: ‘We continue to view Old Mutual as an investment with an attractive risk-reward profile, and the full year earnings supported this view.’

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Goldman Sachs has raised its price target to 1612p from 1596p but remains neutral after results. Broker says: ‘In our view, these results demonstrate the strength and flexibility now in STAN’s franchise as it is able to flex cost growth in response to revenues and impairments to deliver consistent double digit growth to shareholders.’

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