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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%
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