Newspaper article The Evening Standard (London, England)

BUY WELLSTREAM HSBC Has

Newspaper article The Evening Standard (London, England)

BUY WELLSTREAM HSBC Has

Article excerpt

BUY WELLSTREAM HSBC has an overweight rating on Wellstream, a company that designs and makes pipelines for the oil and gas industry. The recommendation comes after Wellstream this month posted a 70% rise in 2008 operating profits, which hit [pounds sterling]81 million. The company also said its 2009 order book has already received more than 70% of its expected sales. It is on schedule to add 40% to its production capacity this year as it completes a [pounds sterling]35 million expansion of two plants in Newcastle-upon-Tyne and Niteroi, Brazil. HSBC has cut its price target for the company from 900p to 840p.

Shares in Wellstream today gained 131/2p to 464p.

PORTFOLIO SELL RIGHTMOVE WH Ireland has downgraded property website firm Rightmove from market perform to underperform. It says the shares have reached a level "which we believe is too rich, given continuing poor sentiment in the UK housing market".

The bank notes that an average of 350 estate agents deserted Rightmove's website each month between June and December 2008. …

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