Newspaper article The Evening Standard (London, England)

Portfolio

Newspaper article The Evening Standard (London, England)

Portfolio

Article excerpt

BUY SAINSBURY JPMorgan rates grocery giant Sainbury's as overweight. It says that while budget stores Asda and Morrisons currently have the most momentum of the big four supermarkets, "much of this is due to consumers trading down". By contrast, the bank's analysts say that Sainsbury's "surprisingly robust" performance in the current downturn will turn into "something more potent" when the economy recovers.

JPMorgan says that while "Sainsbury is not a price leader" it now does not lag behind Tesco on price. It has raised its price target on the shares from 330p to 370p. Today the shares rose 11.7p to 3233/4p..

SELL ELECTROCOMPONENTS UBS rates Oxford-based Electrocomponents, which supplies electrical parts to businesses, as a sell.

It says the firm's organic growth "continued to worsen" during the fourth quarter and expects downgrades as international business deteriorates. The bank says that Electrocomponents' net debt is running about [pounds sterling]50 million higher than its earlier forecasts, mainly due to the weak pound and currency movements, but also because customers are cutting orders due to the economic downturn. …

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