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JPMorgan downgrades Cobham after results

Fri, 04th Mar 2016 09:06

(ShareCast News) - JPMorgan Cazenove downgraded aerospace and defence group Cobham to 'neutral' from 'overweight' and cut the price target to 255p from 305p following the company's full year results on Thursday.It noted Cobham's 2015 earnings per share were around 4% below the bank's and Bloomberg's estimates."This mainly relates to weakness in COB's short-cycle commercial end markets, especially oil & gas. 2015 net debt was also £120m higher than our estimate, due to unsold inventory at year end," it said.JPM cut its 2016-18 EPS estimates by around 4% to 5% and trimmed the target price on the back of that, higher net debt and a lower target multiple."The main investment positive for COB is that we are at an inflection in western defence spending, but there are several new concerns," it said, noting the company's big strategic moves have not worked.In 2008, at the top of the defence cycle, Cobham spent around $1bn on three defence acquisitions. Between 2012 and 2014, it spent around $2bn on several commercial acquisitions to diversify away from defence."However, the US/W.European defence market is now turning up, whilst many commercial end markets are in a downturn," JPM said.At 0913 GMT, Cobham shares were down 2.5% to 233.70p.
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1 May 2016 18:03

Sunday newspaper round-up: Sports Direct, BHS, Barclays, Smiths, Cobham

(ShareCast News) - Sports Direct boss Mike Ashley has offered to buy collapsed retailer BHS, saving its entire store estate and thousands of jobs. Although the tycoon was unable to agree a deal before administrators were called in last Monday, Ashley confirmed to the Sunday Telegraph: "Any continuin

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29 Apr 2016 18:46

Sector movers: Banks, engineering stocks lead drop

(ShareCast News) - Banks weighed on the Footsie at the end of the week as Royal Bank of Scotland flagged to investors the risk that the sale and separation of its Williams&Glyn retail and business bank could take at least another two years. That operation was one of the conditions set by regulators

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29 Apr 2016 08:23

BROKER RATINGS SUMMARY: HSBC Upgrades Land Securities And British Land

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28 Apr 2016 14:50

FTSE 250 movers: Tullow and Weir limit losses

(ShareCast News) - The FTSE 250 pared earlier losses by Thursday afternoon, as a strong showing from Tullow Oil, Weir and other resources-related groups overcame the effect of ex-dividend day. Stocks going ex-divi on the day included Cobham, Elementis, Tullett Prebon and William Hill. Cobham was a

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28 Apr 2016 11:31

Deutsche Bank upgrades Cobham but caution remains

(ShareCast News) - Deutsche Bank upgraded Cobham to 'hold' from 'sell' after the aerospace and defence group proposed raising £500m from a rights issue in the second quarter. However, while the concern about the company's balance sheet leverage has been eradicated and the shares have falled 40% fall

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28 Apr 2016 11:11

LONDON MARKET MIDDAY: Disappointment In Bank Of Japan Hits Shares

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28 Apr 2016 09:11

WINNERS & LOSERS SUMMARY: Lloyds Sold As Quarterly Profit Halves

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28 Apr 2016 08:28

BROKER RATINGS SUMMARY: Investec And Jefferies Keep Buy On Lloyds

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27 Apr 2016 15:32

Wednesday broker round-up

(ShareCast News) - BP: Barclays reiterates overweight with a 550p target, Credit Suisse keeps at underperform with a target of 330p, Cannacord stays at buy with a 420p target and Exane BNP Paribas reiterates neutral with a target of 350p. Cambian Group: Canaccord downgrades to hold with a 91p target

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27 Apr 2016 08:31

BROKER RATINGS SUMMARY: UBS Upgrades Worldpay To Buy From Neutral

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26 Apr 2016 16:00

LONDON MARKET CLOSE: Standard Chartered Helps FTSE 100 Outperform

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26 Apr 2016 13:04

UPDATE 3-Cobham profit warning forces emergency rights issue, shares sink

* Cobham Q1 profit plunges 70 pct to 15 million pounds * Cobham to raise equity due to covenant breach worries * Shares fall 20 percent following results, rights issue * CEO says problem at Wireless a "one-time" problem (Adds further comments from analyst call) By Sarah

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26 Apr 2016 11:03

LONDON MARKET MIDDAY: BP And Standard Chartered Results Lift FTSE 100

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26 Apr 2016 11:01

EXTRA: Cobham Sinks As It Unveils Rights Issue After Profit Warning (ALLISS)

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26 Apr 2016 09:30

WINNERS & LOSERS SUMMARY: Cobham Crushed On Weak Profit, Rights Issue

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