Newspaper article The Evening Standard (London, England)

Portfolio

Newspaper article The Evening Standard (London, England)

Portfolio

Article excerpt

BUY GLAXOSMITHKLINE Citigroup reckons Britain's biggest pharmaceuticals firm is a buy. The rating comes in advance of Glaxo reporting full-year results on Thursday. Citigroup analysts expect to see the world's second-largest drug firm making [pounds sterling]500 million of savings by 2010, assuming it will cut 1000 jobs, although some reports suggest there may be more. The bank believes Glaxo will benefit from the weak pound at the tail end of 2008, and forecasts 2% growth in earnings at current exchange rates. In the coming year, Citigroup says Glaxo may guide to flat or low growth, disappointing investors. Today shares in Glaxo fell 1p to 1229p.

SELL SIBIR ENERGY JPMorgan has rated oil firm Sibir Energy as an "underweight" stock after the company reported on Friday that it will not have to acquire any real-estate assets from Shalva Tchigirinsky, one of its main shareholders and a former board member. JPMorgan says Sibir's decision lowers the refinancing risks to the company, but notes that Tchigirinsky's debt position still poses a risk for Sibir. …

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