FTSE 100 movers: Rolls-Royce rallies on JPM note; Rightmove slumps

6th Aug 2024 14:41

(Sharecast News) - London's FTSE 100 was flat at 8,006.20 in afternoon trade on Tuesday.

Melrose Industries and Scottish Mortgage Investment Trust, both of which fell sharply on Monday, were recouping some losses.

Rolls-Royce was on the rise as JPMorgan Cazenove hiked its price target on the stock to 535p from 475p "after another set of strong results".

The bank noted that last week, RR reported H1 24 results well ahead of consensus.

JPM said it was increasing its 2024-27 earnings per share estimates by 9%/8%/7%, and its 2024-27 free cash flow estimates by £261m/£171m/£143m/£34m .

"We increase our multiples-based Dec-25 price target by 13% to 535p reflecting higher EPS estimates and a slightly higher target valuation multiple, justified by the increasing evidence that RR is becoming a more resilient company," it said.

JPM said the new price target implies 20% potential upside over the next 18 months. The bank rates the shares at 'overweight'.

Rightmove was under the cosh as it said its contract with OpenRent will end on 1 September, but reiterated its revenue and margin guidance for the full year.

FTSE 100 - Risers

Melrose Industries (MRO) 482.00p 6.66%

Rolls-Royce Holdings (RR.) 460.50p 3.76%

Scottish Mortgage Inv Trust (SMT) 794.60p 3.46%

Intermediate Capital Group (ICG) 1,948.00p 1.35%

JD Sports Fashion (JD.) 121.50p 1.25%

Lloyds Banking Group (LLOY) 55.20p 1.17%

Vodafone Group (VOD) 70.08p 0.98%

Centrica (CNA) 122.05p 0.66%

DCC (CDI) (DCC) 5,045.00p 0.60%

Darktrace (DARK) 595.80p 0.57%

FTSE 100 - Fallers

Rightmove (RMV) 521.00p -4.93%

Burberry Group (BRBY) 683.80p -4.20%

Entain (ENT) 505.40p -2.73%

CRH (CDI) (CRH) 5,852.00p -2.63%

Croda International (CRDA) 3,846.00p -2.56%

GSK (GSK) 1,512.00p -2.26%

Informa (INF) 798.20p -2.23%

Fresnillo (FRES) 538.50p -2.09%

Intertek Group (ITRK) 4,594.00p -2.09%

Frasers Group (FRAS) 834.50p -1.77%