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Broker snap: Phoenix to rise, says KBC
Mon, 01 Dec, 2008
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Broker snap: Phoenix to rise, says KBC
Thu, 9 Oct 2008, 11:18:00
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Related Market Prices
Name
Value
Percent
Change
Phoenix IT Group
144.00p
-1.54%
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The recent fall in the share price of IT services firm <b>Phoenix IT</b> has been overdone, according to broker KBC Peel, which has upgraded the stock to a "buy".<br /><br />The broker said that the bad news in the latest management statement had largely already been flagged or predicted. <br /><br />"The positives include 10% organic growth in H1 for the group, strengthening margins at both the Business Continuity (BC) and Servo divisions, strengthening utilisation at the BC division and a £5m reduction in net debt year-on-year," KBC analyst Simon Strong says.<br /><br />Strong has forecast an adjusted earnings per share figure of 27.2p for the current year.<br /><br />"The end of the world hasn't arrived and we think the shares should bounce from a p/e of 5x," Strong concluded..
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