Digital Look broker talk

16th Nov 2011 10:53

Morrison: "Morrison was explicit in its allocation of capital, first and foremost, to grow the business, with any surplus considered for buybacks. Morrison is clearly in a position to do both, being less than half-way through a two-year GBP1bn buyback and working through to 8% gross space growth" [Nomura].Barratt Developments: "Barratt has clearly mapped out its path to recovery, and this IMS is a clear indication of that being delivered...At less than 0.45x P/NAV (excluding intangibles), the stock appears too cheap already" [Evolution Securities].Reed Elsevier: "The company is on track to deliver adjusted EPS in line with expectations, with underlying growth in every business...We see no downside surprises as a positive and reassuring outlook comments are encouraging" [Investec].Carillion: "We are becoming more mindful of the challenges that Carillion faces in 2012 and 2013 to meet consensus expectations. We believe that this could weigh on investor sentiment and therefore we move our recommendation from buy to hold" [Peel Hunt].Lonmin: "Following the company's change in guidance we have lowered production and revenues by 4%, leading to a 9.9% downgrade in 2012E EPS. Overall we see an impact of -1.7% to NPV and Lonmin remains our least preferred name in the space" [UBS].