It sounds like something from the TV crime series NCIS, but the Swiss bank UBS has an operation called the Evidence Lab.
It is part of the new methodology towards research under Juan-Luis Perez, who was poached from Morgan Stanley.
It suggests that William Hill PLC (LON:WMH) is under intense competitive pressure, with its share of downloads receding from 22% in the first half of 2014 to just 10% in the last quarter of this year.
The broker’s central thesis is that the oil major will struggle to generate the sort free-cash flow that is being mooted in the company’s revamped business plan.
“[The] share price is close to a 12-month high, on the rally in oil prices and weaker sterling,” Canaccord added in a note to clients.
“We share the market's concern on sterling assets, but it is harder to show what incremental triggers there are from here.”
Canaccord’s analysts were also active in the media sector, where they upgraded Lloyd’s List owner Informa PLC (LON:INF) to ‘buy’ from ‘hold’ with a 720p price target.