- Morgan Stanley upgrades Rio Tinto
- Liberum upgrades ASOS
- Deutsche Bank raises B&M European Value Retail target price
Morgan Stanley upgrades Rio Tinto
Morgan Stanley has upgraded Rio Tinto LON:RIO from ‘Equalweight’ to ‘Overweight’ with a price target of 5,800p. The broker noted demand concerns and falling iron ore prices have created an opportunity to “gain exposure to a business with high-quality assets, a growing copper footprint, improving operating performance and best-in-class capital return prospects.”
At the time of writing, shares on the FTSE 100 mining giant were trading at 4,814.50, down 17% for the year to date and -16% over the last 12 months.
Liberum upgrades ASOS
Liberum has upgraded Asos LON:ASC to ‘hold’ from ‘sell’, but cut its target price to 470p from 500p. The online fashiom retailer announced, last week, the successful completion of the retail offer of 1,155,509 new ordinary shares at an issue price of 418.1p per share, raising £4,831,183. The proceeds of the placing will be used to support the changes to its operating model designed to return the business to sustainable profitability and cash generation in H2 FY23 and beyond. ASOS lost its place in the FTSE 250 index yesterday. Our Editor, Stuart Fieldhouse has taken a look at the business to find out if the shares are down and out for good and run a comparison with its peers
Shares were trading at 338.80p, down 36% this year and -78% over the last 12 months.
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Deutsche Bank raises B&M European Value Retail target price
Deutsche Bank lifted its price target on B&M European Value Retail LON:BME to 600p from 580p. This follows the retailer’s results earlier in the week which saw revenues 30.7% ahead of pre-pandemic levels. There was a modest reversion on 2022 figures as the company experienced a post-pandemic boost, but this is seen as having been in line with expectations.
B&M shares were trading at 531.80p, up 25% this year and +38% over the last 12 months.
