Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
FTSE 100 movers: Vodafone boosted by Deutsche note; Admiral hit by downgrade
(Sharecast News) - London's FTSE 100 was 0.6% firmer at 10,200.34 in afternoon trade on Thursday. Vodafone gained as Deutsche Bank lifted its price target on the 'buy' rated shares to 150p from 140p.
It noted that the shares have enjoyed somewhat of a renaissance since the bank's last note and first-half results, which saw guidance and the dividend raised, a year earlier than DB expected.
"The rally (+45% over a year, 20% since our mid Oct note), can be accounted for by similar at Vodacom (+39% in EUR) and a much greater rise (from a very low base) of the group's European stub whose equity is still 30% estimated free cash flow (ex spectrum/restructuring but also ex £700m of UK synergies)," DB said.
The bank said improving operations, particularly in Germany, and the cumulation of €2bn annual buybacks are a further assist.
Admiral was on the back foot after RBC Capital Markets downgraded the insurer to 'sector perform' from 'outperform' and slashed the price target to 3,100p from 3,600p.
The bank said it was updating forecasts mainly for lower special dividends, as the company will buy shares in the market to fund its share scheme, versus a previous approach to issue shares.
"We lower our TP from 3,600p to 3,100p, based on 13x PE from 15x versus the long-run average of 17x," it said. "This equates to an unchanged target dividend yield of circa 6%, in-line with Admiral's long-run average.
"Stronger signs of a cyclical turn and a return to material earnings per share growth are likely to be needed for sustained outperformance, and we downgrade to sector perform."
Precious metals miner Fresnillo lost its shine as gold and silver prices eased off highs.
FTSE 100 - Risers
Metlen Energy & Metals (MTLN) 43.10p 4.74% St James's Place (STJ) 1,515.50p 4.63% IMI (IMI) 2,758.00p 3.22% Pershing Square Holdings Ltd NPV (PSH) 4,668.00p 2.73% easyJet (EZJ) 495.20p 2.50% Barclays (BARC) 487.50p 2.50% Weir Group (WEIR) 3,210.00p 2.49% Vodafone Group (VOD) 103.50p 2.48% Rentokil Initial (RTO) 480.90p 2.43% Hiscox Limited (DI) (HSX) 1,521.00p 2.36%
FTSE 100 - Fallers
Admiral Group (ADM) 2,880.00p -2.31% Fresnillo (FRES) 3,970.00p -1.98% Relx plc (REL) 2,922.00p -1.62% BP (BP.) 438.35p -1.54% Glencore (GLEN) 492.50p -1.50% Burberry Group (BRBY) 1,262.00p -1.41% Antofagasta (ANTO) 3,548.00p -1.31% Rio Tinto (RIO) 6,555.00p -1.29% Shell (SHEL) 2,699.50p -1.24% Severn Trent (SVT) 2,824.00p -1.12%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
