Citigroup upgraded its investment rating on textile services business Berendsen (LON:BRSN) to neutral (from sell), despite lowering its target price to 930 pence (from 1,000 pence), after adjusting its earnings forecasts to reflect its updated growth and margin assumptions.
Analysts commented: “We believe that the current share price and relative valuation reflect Berendsen’s muted growth prospects and requirement for catch-up investments, hence our rating change from Sell to Neutral.”
Citi also moved to neutral on Ashmore (LON:ASHM), saying it “feels right for this bumpy ride, with potential earnings disappointment along the way”.
The asset manager’s target price was raised to 370 pence.
Meanwhile, analysts at Peel Hunt took a fresh look at Hargreaves Lansdown (LON:HL.) in light of last week’s interims, resulting in a new target price of 1,495 pence a share (previously 1,345 pence) and a rating upgrade to add (from hold).
The broker commented: “As much as the financial returns, in our view the statement last week confirmed the power of Hargreaves’ business model.”
(LON:ASHM) Ashmore Group PLC share price was +3p at 353p
(LON:BRSN) Berendsen Plc share price was -11.25p at 916.75p
(LON:HL.) Hargreaves Lansdown PLC share price was +28.5p at 1394.5p
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