Goldman Sachs has gone has added the stock to its conviction buy list, an upgrade from its previous neutral call.
Broker says: ‘We believe that the soft revenue environment is now priced in and charter competition may ease during the winter.’
Reckons the shares are worth 563p.

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UBS says it is a complex business that needs more detailed analysis. Having done this it has raised its price target to 750p from 710p and remains a buyer.

Citigroup says buy up to 2215p after the trading update, but adds: ‘As expected, Cairn’s operational update did not bring the long awaited Government of India rubber-stamp for the Rajasthan mid-stream. This remains the key issue overhanging the shares.’
Evolution says sell down to 1476p. It adds: ‘The pipeline approval is expected to come through soon, […]

Morgan Stanley repeats its overweight recommendation and 1400p price target after the favourable FDA panel decision.
Broker says: ‘The risk of withdrawal appears limited given the inconclusive nature of the meta-analysis and the current inadequate range of therapies.
Withdrawal in the US would have reduced our £14 price target by 2%.
‘Given equilibrium in US Avandia volumes and […]

UBS quotes an attractive valuation and shareholder returns for raising it price target to 660p from 585p. It remains a buyer of the stock.

Citigroup has some words of comfort ahead of the results as it says buy up to 1200p. Broker says: ‘A disappointing response to the new mortgage strategy launched in 2H06 has led to an expected 1H07 net lending market share of only 8% (versus a 22% share of stock).
‘We believe this has been a key […]

Numis repeats its sell down to 80p after the Japanese sale. Broker says: ‘We believe HMV is a structurally challenged business, in terminal decline.’

Morgan Stanley reckons there is buy opportunity with this one: ‘We reiterate our Overweight on ABF with 24% upside potential to our 1020p target as we think the stock has over-reacted to concerns on Primark and rising wheat costs.
‘Our sensitivity analysis shows that even in the ‘worst case’ scenario, F2007 EPS would need to come […]

Stellar results yesterday have prompted UBS to raise its price target to 185p from 170p. It remains a buy.

Evolution moves to buy from add after results and news of the share buyback. Broker says: ‘The short term impact of the share buy back has to be positive whilst there are still many questions that are left open such as the impact of further land value write-down in the US and the slowing housing […]

Numis restates its reduce after the profit warning. Broker says: ‘We will keep our target price unchanged at 4470p which equates to 15.3x Dec 07 earnings. The shares are currently trading on 17.4x Dec 07 earnings, which looks a bit racy to us.’

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Round of applause from Collins Stewart, but still no upgrade as it says hold with a price target of 604p a share.
Broker adds: ‘Lloyds TSB interims are good. Headline PBT is in line, or c.3% ahead excluding three exceptionals.
‘Revenues are up c.9% underlying, which is 2-3% more than we (and the market) had expected. 10% […]

Evolution says buy up to 150p after the production update. Broker adds: ‘The shares remain attractively valued against peers trading on a calendar 2008E P/E of 11x and EV/oz production of just $1,568/oz, less than one third that of AIM-listed peers such as Peter Hambro.’

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Citigroup has moved to buy from hold after a 20% correction in the shares, though it has cut its price target by 100p to 1250p.

Lehman Brothers has raised its recommendation to equalweight from underweight with an improved price target of 840p, up from 807p after results. Broker says: ‘We have made no significant changes to our forecasts, with improvements in the outlook in professional and IDC offset by adverse exchange rate movements. In our view, however, the competitive landscape […]

Bridgewell downgrades Spring to outright sell from underweight after the Glotel acquisition. Reckons the share price has got ahead of the fundamental valuation of the firm.
It favours STHree which it recently upgraded to overweight.

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Bridgewell seems to be one of the only brokers to be underwhelmed by the prospects of the replacement limbs firm as it restates its neutral recommendation after the trading update.
Reckons the shares are up with events. Says: ‘For Corin FY2007 is all about shipping order to its US partner, Stryker, for its resurfacing hip […]

Lehman Brothers has restated its overweight stance and 1100p price target after results. Broker reckons it is a good defensive stock in a period of turmoil on the capital markets.

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Bridgewell reckons the interims are strong as it restates its buy recommendation. Broker adds: ‘Following recent share price weakness, on our favoured metric of EV/NOPAT after adjusting for property investments held on the company’s own balance, the stock is now trading on a 2007 multiple of just 5.7x.’

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Bridgewell looks at the Xansa acquisition and draws some conclusions about the valuation of Xchanging. Broker has upgraded to buy from overweight. It says: ‘Putting the Xansa acquisition multiple on our 2008E earnings for Xchanging would yield a share price of 316p, some 5% above our current fair value.
‘As such a small proportion of Xansa’s […]