Buys and sells from 最高の，を越す 分析家s

By This Is Money
Updated: 00:00 BST, 10 February 2003

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BROKERS and 分析家s this week comment on the に引き続いて companies: AstraZeneca, Barclays, BP, Britannic, British 航空路s, British American タバコ, BSkyB, Carlton Communications, Diageo, Dixons, EMI Group, Enodis, Eurotunnel, Gallaher, GlaxoSmithKline, GUS, Imperia l 化学製品 産業s, 皇室の タバコ, Invensys, LogicaCMG, Wm Morrison, Orange, Reed Elsevier, Rentokil, J Sainsbury, Selfridges, 爆撃する, Six Continents, Somerfield, Tesco, Tomkins, Xstrata, Vodafone, Wembley, Xstrata

? Our 株 取引，協定ing Service enables you to 貿易（する） 株 for a flat 料金 of GBP15. 登録 is quick and 平易な - click here. And click here for the Mail on Sunday's Midas column.

14 February
Morgan Stanley has raised 消費者 electronics retailer Dixons to 'overweight' from 'equalweight' with a price 的 of 140p. Lehman Brothers has 削減（する） its 的 price for Barclays to 500p from 550p, 保持するing its 'buy' 率ing on the 在庫／株. 'This is a reflection of a 削減（する） in our 収入s 見積（る）s,' it said.

Credit Suisse First Boston has downgraded Channel Tunnel 操作者 Eurotunnel to '中立の' from 'outperform', 削除するing the price 的 to 37p from 72p. Schroder Salomon Smith Barney has raised 採掘 company Xstrata.

WestLB Panmure has dropped engineer Invensys to 'underperform' from '中立の' after the company 警告するd on 利益（をあげる）s. ETrade has raised its price 的 on 麻薬 製造者 AstraZeneca to 2,350p from 2,300p and 繰り返し言うd its 'buy' 率ing on the 在庫／株.

13 February
Morgan Stanley has 削減（する） its price 的 for British American タバコ to 775p from 830p to 反映する 通貨-関係のある 収入s downgrades and BAT's 年金 義務／負債s. 'BAT seems likely to 報告（する）／憶測 a 逮捕する 年金s 利益 of around £1.36bn. The 基金d 計画／陰謀 赤字 should be around £740m, わずかに いっそう少なく than one year's 地位，任命する-（株主への）配当 cash flow,' it said. 'The chances of a (株) buyback may be 増加するing.' Schroder Salomon Smith Barney started ニュース報道 of BAT with an 'outperform' 率ing and price 的 of 740p. It put 皇室の タバコ at 'in-line', with a 的 price of 1090p and Gallaher at 'underperform' with a 的 price of 620p.

Credit Suisse First Boston has downgraded Briti sh 航空路s to 'underperform' from '中立の', dropping the price 的 to 87p from 130p. CSFB dropped its price 的 for oil 巨大（な） 爆撃する to 420p from 450p, with an 'underperform' 率ing. Goldman Sachs has started ニュース報道 of retailer GUS with an 'in-line' 率ing.

Morgan Stanley dropped the 株 price 的 on publisher Reed Elsevier to 600p from 640p, 特記する／引用するing worries about the dollar's 証拠不十分 hitting 利益（をあげる）s. It 削減（する） its 十分な-year 利益（をあげる） 予測（する） by 3% to 29.9p a 株 for 2003.

Commerzbank has downgraded GlaxoSmithKline to '蓄積する' from 'buy' and dropped its price 的 to 1250p from 1455p. It said the 麻薬 製造者 would continue to 貿易（する） at a 割引 to the 部門 until it 配達するs on its pipeline 約束 and 証明するs the value of new 製品s in 開発 at an R&D day later this year. Merrill Lynch has 削減（する） its price 的 to 1345p from 1460p, but 持続するd a 'buy' 率ing. 'The 株 still 申し込む／申し出s a good 安全な 港／避難所 in this 環境,' it said.

12 February
Credit Suisse First Boston has raised 衛星 TV 操作者 BSkyB to 'outperform' from '中立の', 説 it 推定する／予想するd strong first-half results. It 予報するd the company would 最高潮の場面 the 範囲 for 二塁打-digit growth in advertising 歳入s for the 十分な year に引き続いて 最近の advertising 株 取引，協定s, when it 報告（する）／憶測s first-half results on Friday.

Commerzbank has raised 動きやすい phone 操作者 Vodafone to '蓄積する' from '持つ／拘留する', 特記する／引用するing the group's 競争の激しい advantages. It 解除するd the price 的 for Vodafone to 124p from 120p. ABN Amro has raised Vodafone and 競争相手 Orange to '追加する' from '持つ／拘留する'.

ETrade 安全s has 昇格d hotel group Six Continents to 'buy' from '中立の'. 'If the hotel 商売／仕事 changes 手渡すs, we see a break-up value for Six Continents of around 680p a 株,' it said. A 報告（する）／憶測 earlier said Hilton Group was considering a 合併 approach - a 報告（する）／憶測 Hilton 解任するd as 'pure tittle tattle'.

Numis 安全s has 削減（する） department 蓄える／店 chain Selfridges to '貿易（する）ing sell' from 'buy'. 'With Heathrow airport now on high 警報, the Central Line の近くにd for the foreseeable 未来, and the introduction of the central London congestion 告発（する），告訴（する）／料金 we believe is 高度に likely to 衝撃 顧客 flow into the 資本／首都 and hence 貿易（する）ing at the group's 旗艦 Oxford Street 蓄える／店,' it said.

Dresdner Kleinwort Wasserstein has downgraded oil company BP to '減ずる' from '持つ／拘留する' on 調印するs the company's growth in 収入s and （株主への）配当s are 始める，決める to slow. It dropped the price 的 to 390p from 445p.

Merrill Lynch has raised its price 的 for 跡をつける-based gaming 会社／堅い Wembley to 1,400p from 1,100p. Dresdner Kleinwort Wasserstein has downgraded 放送者s Carlton Communications to '減ずる' from '持つ／拘留する' and Granada to '持つ／拘留する' from '追加する'.

11 February
JP Morgan has downgraded engineer Invensys to '中立の' from 'overweight'. 'Even though we 最終的に believe there is more valuation upside on Invensys, we believe there is also more 危険 associated with the 在庫／株,' it said.

Prudential-Bache has raised life assurer Britannic to '持つ／拘留する' from 'sell' after a newspaper 報告（する）／憶測 raised hopes of a 企て，努力，提案. 'Capitalised at only about £230m and already passing two (未来) （株主への）配当s, its 見通し seemed pretty 荒涼とした,' Pru-Bache said. 'The suggestion of a 企て，努力，提案 at 180p, if it materialises, would let 支えるもの／所有者s get out of gaol at a いっそう少なく calamitous price than has recently seemed likely.'

WestLB Panmure has raised drinks 巨大（な） Diageo to 'buy' from '中立の', 特記する／引用するing the 会社／堅い's 競争の激しい advantages. 'Undoubtedly, the 在庫／株 could 証明する to be やめる volatile in the run up to the results (next week)... any 証拠不十分s in the price are a buying 適切な時期,' WestLB said Fortis has 再開するd ニュース報道 of IT services and ソフトウェア 会社／堅い LogicaCMG with a '減ずる' 率ing.

Merrill Lynch has raised 採掘 group Xstrata to '中立の ' from 'sell', 特記する／引用するing the prospect of a lower 税金 率 and the 会社／堅い's low 株 price. Lehman Brothers has raised engineer Tomkins to 'equal-負わせる' from 'underweight'. Its price 的 is 不変の at 220p.

RW Baird has 昇格d supermarket 巨大（な） Tesco to 'outperform' from '中立の', 説 the 在庫／株 looked oversold. 'Tesco has the most solid UK 開発 適切な時期s at 現在の, and the digestion of the T&S 取得／買収 should 供給する enough upside to 確実にする reasonable 利益（をあげる）s growth from the UK 商売／仕事 over the next two years,' it said. The 仲買人 has an 'underperform' 推薦 on 部門 競争相手s J Sainsbury and Wm Morrison, and a '中立の' on Somerfield.

10 Febuary
Morgan Stanley has 削減（する） its price 的 for EMI Group to 125p a 株 from 160p. It said the music publishing company could 削減（する） the （株主への）配当 to 5p a 株 from 8p thanks to weak 記録，記録的な／記録するd music 歳入s. 'We see 限られた／立憲的な 適切な時期s for 収入s 昇格s and a re-率ing is ありそうもない for the 幅の広い group, given the 賞与金 at which the 在庫／株s 現在／一般に 貿易（する）,' it said.

Arbuthnot has downgraded Enodis to '持つ／拘留する' from 'buy' after the food 器具／備品 製造者 said it was more 用心深い about prospects for the 現在の 会計年度. JP Morgan has downgraded 皇室の 化学製品 産業s to '中立の' from 'overweight', setting a fair value 見積（る） of 225p on the 株.

Credit Suisse First Boston has started ニュース報道 of pest 支配（する）／統制する, hygiene and 安全 services 会社／堅い Rentokil with an 'underperform' 率ing and a 的 price of 195p. 'The main problems 直面するing Rentokil are slow growth in its three most important 商売／仕事s: Hygiene, 安全 and Pest 支配（する）／統制する,' it said. 'There is also likely to be 利ざや 圧力 as its high returns continue to attract 競争.'

CSFB has 削減（する） its price 的 for engineer Invensys to 32p from 46p but 保持するd its 'underperform' 率ing. It said the 見通し for 過程 automation and 力／強力にする systems remained 公正に／かなり 荒涼とした, although US 消費者-関係のある 商売／仕事s continued to 停止する. '全体にわたる the 見通し for Invensys' end markets is far from exciting,' the bank 追加するd.