Broker snap: Panmure predicts soggy Sage share price

19th Apr 2010 13:32

Though sorry to see Paul Walker go, Panmure Gordon thinks Sage chief executive Paul Walker could not have chosen a better time to announce his decision to step down, as the going should start to get easier now for whoever succeeds him."An ability to drive 'growth' is the key ask for the new CEO [chief executive officer]. In our view, the two top candidates are Paul Harrison FD [finance director] and Paul Stobart Head of UK/Ireland - both board members, both highly capable and both Sage stalwarts - but we also think also Sue Swenson and Guy Berruyer are good options, in addition to a host of external wannabes," states Panmure analyst George O'Connor.Sue Swenson is president and CEO of Sage North America while Guy Berruyer is chief exeucitve of Sage's mainland Europe and Asian business."While we envisage a soggy share price we do not see any big move - arguably the share price would respond favourably as the new head honcho will drive growth. With results pending (5 May) we make no changes to forecasts, recommendation and target price," the broker said.