Buys and sells from 最高の，を越す 分析家s

By This Is Money
Updated: 00:00 BST, 2 June 2003

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BROKERS and 分析家s this week comment on the に引き続いて companies: Amersham, ARM Holdings, Arriva, Associated British Foods, Aviva, Barclays Barratt, Bovis, BP, British Land, Carphone 倉庫／問屋, FKI, Friends Provident, HMV Group, IMI, JD Wetherspoon, Kingfisher, Land Se curities, 合法的な & General, LogicaCMG, Matalan, McCarthy & 石／投石する, Misys, mmO2, Pearson, Persimmon, Pilkington, Prudential, Reed Elsevier, Reuters, Rio Tinto, Rolls-Royce, Scottish 力／強力にする, Securicor, SSL International, Tesco, Weir Group, Wilson Bowden, Wimpey

6 June
Morgan Stanley has raised Barclays to 'equal-負わせる' from 'underweight'. It raised its 的 on the 株 to 420p from 370p and its 2003 収入s 見積（る） to 40p a 株 from 36p.

UBS Warburg has 解除するd its price 的 on music retailer HMV Group to 160p a 株 from 140p and kept its 'buy' 率ing.

Deutsche Bank has downgraded computer services 会社／堅い LogicaCMG to 'sell' from '持つ／拘留する', dropping its price 的 to 100p from 130p. Dresdner Kleinwort Wasserstein has 解除するd its price 的 on 動きやすい phone 操作者 mm02 to 75p from 65p,

Merrill Lynch has downgraded 半導体素子 designer ARM Holdings to '中立の' from 'buy' on valuation grounds.

'Our 収入s and 根底となる 見通し on the 在庫／株 remains 不変の,' it said. 'Short 称する，呼ぶ／期間／用語 勢い will continue to be 肯定的な for the 在庫／株.'

UBS Warburg has raised publisher Reed Elsevier to 'buy' from '中立の' and its price 的 to 615p from 525p. It raised its price 的 on meda group Pearson to 600p from 550p, keeping its 率ing at '中立の'.

Credit Suisse First Boston has 再開するd ニュース報道 of condom 製造者 SSL International with an 'outperform' 率ing and a 320p 株 price 的.

5 June
JP Morgan has downgraded aero-engine 製造者 Rolls-Royce to 'underweight' from '中立の'. UBS Warburg has raised its price 的 on healthcare 会社／堅い Amersham to 550p ashare from 525p , 特記する／引用するing 増加するing 信用／信任 in its medium-称する，呼ぶ／期間／用語 growth prospects. It kept a 'buy' 率ing on the 在庫／株. JP Morgan raised 鉱夫 Rio Tinto to 'overweight' from '中立の' .

Goldman Sachs has downgraded on oil major BP to 'in -line' from 'outperform' on valuation grounds. Goldman has 削減（する） its 利益（をあげる） 予測（する）s on 安全 会社／堅い Securicor, 特記する／引用するing 女性-than-推定する／予想するd first-half results. It 推定する／予想するs 収入s of 8.4p a 株 in 2003, from 9p 以前, and of 9.2p for 2004 from 10.4p 以前. It has an 'underperform' 率ing on the company.

Panmure has 削減（する） its 利益（をあげる） 予測（する） on Matalan by 16% to £111m for 2004, 説 the 予算 retailer was high 危険. 'To 達成する our new 見積（る）s the second half has to 配達する,' it said. It kept a 'sell' 率ing on the 在庫／株 with a 150p 株 的. Goldman downgraded Matalan to 'underperform' from 'in line'.

Merrill Lynch has raised its price 的 on Barclays to 516p a 株, after 解除するing its 収入s 予測（する）s for this year and next. The 2003 予測（する） rises 11%, and 2004 by 12%. It kept a 'buy' 率ing. 'We are more heartened by the bounce 支援する from the weak second half 業績／成果 in 2002,' it said.

Goldman Sachs has raised its 現在の-year 利益（をあげる） 予測（する） on Kingfisher to £739m from £726m. It 特記する／引用するd the 'excellent' peformance at the B&Q 部隊 and a 強化するing euro, which it 概算の would 上げる Kingfisher's 利益（をあげる） by £15m to £20m for the 十分な year.

4 June
Lehman Brothers has 削減（する） its 収入s 予測（する）s for engineer FKI, 特記する／引用するing poor 貿易（する）ing 条件s and 増加するd 総計費s. It dropped the 2004 予測（する） by 17% to 8.5p a 株 and by 6% to 11.4p for 2005. 'With a sharp 削減（する） in （株主への）配当, capex 削減（する） to the bone, and headcount その上の 減ずるd, FKI is pulling out all the stops to 生成する cash to 減ずる its 激しい 負債 重荷（を負わせる）,' it said. '断固としてやる difficult end markets and the 付加 重荷（を負わせる） of 増加するd 年金 costs only 増加する the 圧力.'

Credit Suisse First Boston has dropped pumps and 工学 services 会社／堅い Weir Group to 'underperform' from '中立の'.

HSBC has raised retailer Carphone 倉庫／問屋 to '追加する' from '減ずる'. Merrill Lynch has raised its price 的 on Tesco to 230p a 株 from 205p, 特記する／引用するing strong 最近の 貿易（する）ing. It kept a 'buy' 率ing. 'There's plenty of 証拠 that the UK 商売／仕事 will have 貿易（する）d 井戸／弁護士席 in the first ４半期/4分の1 - we'd guess at least 4.8% like-for-like (growth),' it said.

Investec 安全s has 削減（する） Matalan to '持つ／拘留する' from 'buy' after the 予算 fashion retailer 報告（する）／憶測d a sharp 減少（する） in like-for-like sales. 'Sales of the new spring/summer 範囲s have 証明するd disappointing, with May 存在 特に difficult,' it said. 'Without any major short-称する，呼ぶ／期間／用語 catalysts the 在庫／株 申し込む／申し出s 限られた／立憲的な upside in the short-称する，呼ぶ／期間／用語.'

Credit Suisse First Boston has 昇格d 所有物／資産／財産 company British Land to 'outperform' from '中立の'. It raised its 的 price to 505p from 435p. It kept its 'underperform' 率ing on Land 安全s, but raised its price 的 to 815p from 744p.

Goldman Sachs has downgraded food company Associated British Foods to 'underperform' from 'in-line'. Morgan Stanley has raised Barclays to 'equal-負わせる' from 'underweight' and its price 的 to 420p from 370p. JP Morgan 削減（する） Barclays to '中立の' from 'overweight'.

Dresdner Kleinwort Wasserstein has downgraded the life 保証／確信 部門 to 'underweight' from '中立の'. It lowered Friends Provident to 'sell' from '減ずる' and 合法的な & General to '追加する' from 'buy'. Dresdner kept '減ずる' ratings on Prudential and Aviva.

3 June
UBS Warburg has raised electricity 公共事業（料金）／有用性 Scottish 力／強力にする to 'buy' from '中立の', keeping its 株 price 的 at 420p.

Altium 資本／首都 has raised JD Wetherspoon to '持つ／拘留する' from '減ずる', 説 the pubs chain is 井戸／弁護士席 positioned to ride out a 堅い 貿易（する）ing 環境.

UBS Warburg has downgraded bus and train 操作者 Arriva to '中立の' from 'buy' and kept its 株 price 的 at 340p. Warburg also dropped glassmaker Pilkington, to '減ずる' from '中立の' and kept its 55p price targe t.

2 June
JP Morgan has 削減（する） news and （警察などへの）密告，告訴（状） group Reuters to 'underweight' from '中立の', に引き続いて a big rise in the company's 株 price. It dropped its fair value on the 在庫／株 to 162p from 210p. 'The 株...now 貿易（する） at levels that do not fully 反映する the 厳しい 危険s associated with a successful 商売／仕事 turnaround,' it said.

Deutsche Bank has raised its 的 price on retailer Kingfisher to 320p from 280p and kept its 'buy' 推薦 on the 在庫／株.

耐える Stearns has downgraded cellphone group mmO2 to 'underperform' from 'peer 成し遂げる'. '株 price strength on the 支援する of 強健な results and predictable 処分s appears 誇張するd,' it said.

Credit Suisse First Boston has dropped 財政上の ソフトウェア company Misys to '中立の' from 'outperform'. It 削減（する） its 収入s 予測（する） for the year to May to 16.3p a 株 from 17.3p. Merrill Lynch has downgraded engineer IMI to '中立の' from 'buy', 説 the 株 had beaten its price 的 of 300p.

UBS Warburg has raised its price 的 on housebuilder Bovis to 500p a 株 from 455p, 繰り返し言うing a 'buy' 率ing. It 解除するd its 的 for McCarthy & 石／投石する to 480p from 450p, and for Redrow to 325p from 305p, 繰り返し言うing 'buy' on both.

The bank 解除するd its 的 on Barratt to 490p from 475p, on Persimmon to 510p from 500p, on Wilson Bowden to 1,045p from 1,021p, and on Wimpey to 305p from 310p, but downgraded the four to '中立の' from 'buy'.