Newspaper article The Evening Standard (London, England)

Carphone Speeds Ahead after Buy Call from UBS

Newspaper article The Evening Standard (London, England)

Carphone Speeds Ahead after Buy Call from UBS

Article excerpt


INVESTORS piled into Carphone Warehouse today after the firm was given avote of confidence by UBS.

The broker upgraded Carphone from neutral to buy and set a price target of400p, sending the shares up 5p to 357p following a gain yesterday of 912p.Stiff competition from other providers has hit growth of its "free" broadbandoffering but UBS today highlighted strength in the underlying business, sayingit was time to take advantage of the recent fall in the share price.

It followed a bullish statement yesterday by Carphone boss Charles Dunstone,who said he was "confident of the full-year outlook".

Experian did not enjoy the same response to its latest update, however, asCredit Suisse and Citigroup downgraded their ratings on the stock.

Investors jumped ship yesterday after the company revealed the extent of itsexposure to the subprime mortgage market in America, sending shares in thecredit-checking firm tumbling 7%.

They fell a further 5p to 500p today after Citigroup cut its price target to560p and Credit Suisse to 580p. Analysts are concerned the shares will notbounce back any time soon.

Debenhams ticked 134p higher to 111p after Morgan Stanley raised it fromunderweight to equalweight, saying current trading is "OK" and its valuationlooks "reasonable". Chocolate stores chain Thorntons jumped 15p to 187p afterit said sales had risen more than a quarter in the past 14 weeks.

The FTSE 100 index was up 15.7 at 6648.7. The rising oil price sparked investorinterest in energy producers in Asia today as shares across the region soared.Tokyo's Nikkei 225 Average closed up 281.09 points at 17,458.98 while HongKong's Hang Seng index was 263.92 higher at 28,833.25 by the midday break.Shares in China, Australia, South Korea, India, Singapore and Indonesia werealso on the upward march. …

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