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Rodney Archer and his good friend Trevor Newton have teamed up to present this exquisite showcase of original French nineteenth-century designs for satin and silk velours. The samples, created at the Lyons factory of Antoine Donat between 1840 and 1865, will line the walls of Archer's atmospheric lodgings in the heart of east London. Untouched since the 1870s, the fabric designs are still as vibrant and entrancing as they were when they were first created; each piece is labelled with instructions for setting up the loom and all are for sale, at prices starting from 20. Admission is by appointment only; to book a time slot email Trevor Newton: newton...@hotmail.com.
Merrill Lynch has raised its fourth-quarter sales forecast for retailer Marks & Spencer to show growth 8%, from a previous forecast 5%. Merrill also raised its forecast for underlying profits by 20m this year and 30m next.
Goldman Sachs has raised Wm Morrison to 'market outperform' from 'market perform' and upped the price target to 230p from 210p. It cited the retailer's continued outperformance and sales growth. Credit Suisse First Boston has raised its price target to 230p from 220p, saying Morrison's results were 'outstanding'. It retained a 'buy' rating for the stock. ABN Amro has cut its share price target for rival Tesco to 180p from 220p and reiterated its 'sell' rating.
Morgan Stanley has engineer Cobham to 1112p from 990p and kept 'neutral' rating on the stock. It credited 'strong' results for 2001. Banc of America has raised Cobham to 'buy' from 'market perform' and lifted its 2002 earnings forecasts by 21% to 79.8p a share. 'The recent softness in the share price, leaving Cobham at a discount to its peers, offers a good investment opportunity,' it said.
Goldman Sachs has raised the price target for retailer Kingfisher to 475p from 460p, retaining a 'recommended list' rating. Schroder Salomon Smith Barney has pubs group Enterprise Inns to 'buy' from 'outperform' and its price target to 900p from 730p.
Dresdner Kleinwort Wasserstein has raised its price target on music company EMI to 450p from 430p, branding the firm's restructuring news 'very positive.' It reiterated its 'buy' recommendation.
Teather & Greenwood has downgraded IT company Xansa to 'hold' from 'buy' after it said profits in the year to April would be at the bottom end of expectations. 'The company does not appear to be as resilient as hoped,' it said.
Credit Suisse First Boston has raised its profit forecast for retailer Next to 305m this year from 294m previously, citing current strong trading. It said it would probably upgrade the stock to 'buy' from 'hold'.
Morgan Stanley has upgraded pubs group Enterprise Inns to 'overweight' from 'neutral' and set a price target of 850p on the stock. 'Enterprise has secured one of the UK's largest, highest quality pub companies under a highly innovative reverse takeover,' it said, referring to the acquisition of a pubs portfolio from Nomura. 'The strategic and financial logic outweigh risks.'
20 March
Credit Suisse First Boston has upgraded plumbing and heating equipment merchant Wolseley to 'buy' from 'hold' and set an 800p price target. Goldman Sachs has cut life assurance and banking group Irish Life & Permanent to 'market perform' from 'market outperform'. 'Other stocks are offering better value at the moment,' it said.
Morgan Stanley has dropped its price target on services company Amey to 320p from 430p and kept an 'overweight' rating on the stock. Amey reported a surprise year loss, resulting from new accounting policies. 'Accounting changes have taken Amey to the limits of prudence, ' Morgan said.
Deutsche Bank has cut its price target on confectionery and soft drinks group Cadbury Schweppes to 430p from 450p, saying the company's growth could slow. It kept a 'market performer' recommendation on the stock. Deutsche said the shares could surrender recent gains as investors focused on the risks ahead in 2002. 'With no sign of a pick up in Cadbury's US carbonated drink volumes we think medium-term group like-for-like volume growth is set to slip below 2% and it seems mathematically inevitable that the rate of annual EPS growth will in due course move below 10%.'
Merrill Lynch has restarted coverage of JJB Sports with a 'reduce/sell' rating. 'JJB is closer to physical maturity than widely thought,' the firm said. 'It trades from as much space as Currys, the UK's leading electrical retailer, and twice as much as Next. The core business therefore offers limited profitable growth prospects.'
SG Securities has cut Scottish Power to 'hold' from buy', citing its business realignment and dividend cut earlier this month. It dropped the price target to 350p from 480p. 'The biggest disappointment is the effective 33% dividend cut in 2004,' it said.
Morgan Stanley has raised building materials group CRH to e23 from e22 and kept an 'overweight' rating on the stock. '(The) outlook in the US is encouraging, particularly in residential and infrastructure,' it said. 'Continued strong demand from housing and highway spending should underpin demand in 2002 and 2003.'
Schroder Salomon Smith Barney has lowered Imperial Chemical Industries to 'neutral' from 'outperform' and kept a 315p price target on the stock. Credit Suisse First Boston has raised its price target on armoured vehicle maker Alvis to 180p from 150p and kept a 'buy' rating on the stock.
UBS Warburg has raised its share price target in Johnston Press to 420p from 360p and kept its recommendation as 'hold'. Deutsche Bank has raised cruise operator P&O Princess to 'buy' from 'market perform' with a share price target of 550p.
Merrill Lynch has raised plasterboard maker BPB to 'buy' from 'neutral' following the acquisition of James Hardie's US wallboard assets. It said the deal would double BPB's US market share, giving it critical mass in the world's largest market.
Robertson Stephens has lifted biotechnology firm Celltech to 'strong buy' from 'buy' and cut its target price to 900p from 1,000p. 'We expect Celltech to easily achieve its earnings per share targets for 2002 and 2003, contrary to concerns among some investors,' it said.
ABN Amro has upgraded financial services firm Old Mutual to 'buy' from 'add' with a fair value of 121p. 'As the rand stabilises, the strong performance in its South African businesses will become more apparent,' ABN said.
JP Morgan has raised computer services and software companies Logica and CMG to 'buy' from 'market performer'. It cited strong prospects in the market for multi-media messaging software, which allows users to send pictures, video and audio clips on mobile phones.
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