Numis Securities has cut Fenner (LON:FENR) to ‘reduce’ (from ‘add’) after the company provided a board update, which the broker reckons does not clarify who will be running the business medium term.
It added: “With this in mind and, given the strong run in the shares over the last 12 months, we suggest that potential shareholders should watch from the side-lines.”
The broker’s target price stands at 220 pence a share.
Meanwhile, it initiated coverage on Pets at Home (LON:PETS) with an ‘add’ recommendation and 256 pence target, believing the group has significant long term opportunities.
Analysts commented: “Despite the meaningful near-term challenges facing the business, we believe the scale, quality and visibility of the long term growth opportunity, led by the capital-light roll-out and maturity of its Services division, should support a material premium to the General Retailers.”
Cantor Fitzgerald initiated coverage on copper producer Atalaya Mining (LON:ATYM) with a ‘buy’ recommendation, with the copper producers flagship operation and market position set to consolidate.
“Atalaya’s production ramp up at the historic Proyecto Riotinto in Spain to as much as 40ktpa of copper in 2017 has coincided with a significant improvement in the copper price,” metals and mining analyst Asa Bridle explained.
Cantor set a target price of 217 pence a share on the stock.
(LON:ATYM) Atalaya Mining Plc share price was -2.5p at 123.5p
(LON:FENR) Fenner PLC share price was -5p at 242.5p
(LON:PETS) Pets At Home Group Plc share price was -0.55p at 232.65p
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