Talk doing the rounds of a very bullish broker circular that suggests the shares could be worth £10-£15 based on what is rumoured to be under its Oman fields. We will get a better idea in June. The downside if they come dry is a valuation of 40p.
One house in particular seems to be piling […]

Bridgewell remains overweight with a valuation of 95p a share after today’s technology update.
Broker adds: ‘It highlighted the progress we have been expecting on BioProgress’ underlying enabling technologies with the commercialisation of TabWrap progressing, and the company indicating that it remains on target to produce its first analgesic-based version of this system by the end […]

The company’s founder Prof Kay Davies is expected to present new data on the company’s disease modifying approach to Duchenne muscular dystrophy.
Broker - which says buy up to 165p - explains: ‘We expect VASTox to announce a lead DMD candidate this quarter, a key value inflection point for the programme, and to start pre-clinical trials […]

Charles Stanley has dragged its recommendation to add from buy, but raised its price target to 120p from 100p.
Broker says: ‘Expomedia has announced a small acquisition, World Food Market, in line with its strategy of adding profitable shows that can then be cloned into other territories.
‘The Expomedia shares have performed strongly since the results in […]

Blue Oar Securities says current weakness is overdone, rating it a buy up to 525p.

Evolution says add up to 290p on the back of reports that US retailers Lowes and Home Depot may be interested in taking over Wickes.
Broker says: ‘The US predators, however, would, in our view, be much more interested in acquiring B&Q, which dominates the UK DIY market. We are aware that 3i and Centaurus looked […]

There’s the rub. Bridgewell restates its overweight stance and 147p-170p fair value after the news that US distributor Graceway has sold $10m worth of the company’s non-steroidal eczema cream Atopiclair, meaning a $2.5m milestone payment for Sinclair.
Broker says: ‘We see this as good news for Sinclair, indicating that the larger Graceway sales force of […]

Cut to hold from buy and its price target shorne to 900p from 950p after results. Sees little to get the shares moving in the short term.

Oriel Securities has initiated the stock as a buy with 60p a share price target.
Broker says: ‘The shares suffered a modest setback from the trading update, while they have yet to reflect fully the future benefits from the Navamedic deal.
‘The business has substantial capacity available through an efficient and modern supply chain, which is very […]

Arbuthnot has gone to neutral from sell after the results, which were better than expected. Says top line growth surprised on the upside as did the cash balances, whicn equate to 14p a share.

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ABN Amro restates its buy after a ‘very impressive’ site visit. The broker adds: ‘We continue to believe our current forecasts are conservatively struck (PTP £90.2m eps 52.5p to 12/07 and PTP £102.2m, eps 60.5p to 12/08) and while the previous valuation anomaly has reduced (current PER 17.8x 07, 15.4x 08), we retain our positive […]

Arbuthnot has gone to neutral from buy after Sulzer walked away from bidding for the firm. The broker reckons the Swiss bid at least 15p below the fair value.

Oriel Securities is buy up to £26 as it expects a strong rebound of in-store sales coupled with a strong showing from the online arm. Broker reckons the stock could eventually be worth £32.
It adds: ‘It is worth noting that Next management is this week starting its round of institutional
meetings following the preliminary results in […]

ABN Amro says buy after the results. Broker says: ‘Dana is well positioned in the E&P sector, and has a strong track record quality deal making abilities.
‘The unhedged production and the ability to leverage further upside from the recently announced acquisition of Devon’s Egyptian assets are additional attractions.’

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Oriel Securities has sat down with management and reckons there is considerable management optimism it can devilver significant upside from the takeover of TUI.
But the broker retains its hold on the stock based on the regulatory rather than execution risk. Broker says: ‘This is an attractive story but given the likelihood of a phase II […]

Arbuthnot is one of the few brokers to follow this one. Wonder if that has anything to do with ?its abrasive boss Matt Sutcliffe?
That said it seems to have a good story to tell about Argentina, which seems to have wonderful potential.
Broker says: ‘Alexander Mining has carefully spent its cash and has driven hard to […]

UBS says buy on reports the group may be ready to offload its Irish assets to UTV for around £100m.

Dresdner Kleinwort goes to add from hold with a 138p a share price target.
Broker says: ‘Recent press reports speculating muted interest in Chrysalis’ radio assets at target valuation levels were not a surprise - we always thought the market was a little hasty in assuming a break-up was a done deal.
‘However, the share price fall […]

Merrill Lynch initiates the shares as buy with a 1350p a share price target.
Broker says: ‘Given Speedy Hire’s leading market share and outperformance of its UK competitors, we believe that it should be valued towards the upper end of the tool and equipment rental peer group.’

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Cazenove has gone to in-line from outperform. The broker says: ‘The emergence of a property investor at the top of the Sainsbury shareholder register significantly increases the pressure on the Sainsbury board to reconsider the business’ overall approach to property-backed leverage.
‘We regard this as a material change of circumstances and in tandem with the fact […]