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Broker tips: Sainsbury, Cadbury, Phoenix IT
Mon, 01 Dec, 2008
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Broker tips: Sainsbury, Cadbury, Phoenix IT
Thu, 9 Oct 2008, 11:26:00
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Related Market Prices
Name
Value
Percent
Change
Sainsbury (J)
279.25p
-2.70%
Cadbury
527.00p
-4.44%
Phoenix IT Group
144.00p
-1.54%
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Dutch financial services company ING has upgraded supermarket chain <b>Sainsbury</b> from "sell" to "hold" in the belief that the sale of the Robert Chenguiz stake will prove beneficial to the stock price performance. <br /><br />Despite upgrading the stock, ING has cut its price target for the shares to 310p from 340p following the company's trading statement yesterday, and cut its 2010 profit forecast by just under 5%. <br /><br />US bank JP Morgan (JPM), meanwhile, believes Sainsbury has "fared extremely well this year" given that it operates towards the top end of the market at a time when customers are trading down. <br /><br />Nevertheless, JPM is unsure whether Sainsbury can keep it up, as competitors step up price and promotion activity leading into the Christmas period. <br /><br />JPM maintains its "underweight" stance on Sainsbury, with a price target of 330p. <br /><br />Turning to next week's trading announcements, JP Morgan expects <b>Cadbury</b>'s third quarter sales trends to remain within the company's guidance range of 4-6% when the confectionery and gum maker updates the market next Tuesday. <br /><br />Though JP Morgan (JPM) has concerns about the commercial threat posed by recently merged Mars and Wrigley, it does not expect this to start biting until the fourth quarter. <br /><br />JP Morgan is neutral on Cadbury's stock and has a December 2009 price target of 710p. <br /><br />The recent fall in the share price of IT services firm <b><b>Phoenix IT</b></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 has largely already been flagged or predicted. <br /><br />KBC analyst Simon 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.<br />
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