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Broker snap: Michael Page numbers split market
Wed, 08 Feb, 2012
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Broker snap: Michael Page numbers split market
Fri, 5 Mar 2010, 12:50:00
<b>Michael Page</b> fell back Friday following a mixed response to an 85% slump in profits at the recruiter last year. KBC Peel Hunt says adjusted profit before tax of £21.1m, down from £140m in 2008, was slightly ahead of expectations. "The balance sheet remains robust and the company maintains an excellent position for international growth into the next cycle," said the broker, which maintained 'buy' advice and 480p target price. But analysts at Ambrian worry that the strength of the recovery is uncertain despite half of full-year profits being earned in the final quarter. "The trading outlook is still difficult and the strong rally in the share price leaves the shares vulnerable to profit taking, particularly for those investors that take a view that the economic recovery is weak," it says. "On valuation grounds we reiterate our take profits recommendation."
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