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Berenberg steers rating on Inchcape PLC lower

Berenberg steers rating on Inchcape PLC lower
Berenberg had Inchcape in focus.....

German bank Berenberg is downbeat on car dealer Inchcape PLC (LON:INCH) today, steering it down to 'hold' from 'buy' and lowering the target to 735p from 915p.

"While Inchcape released an in-line set of FY15 numbers on 15 March, we came away from the results with new-found concerns for three of Inchcape’s businesses – the UK, Hong Kong and Australia, which collectively account for 65% of EBIT," said analyst Benjamin May.

"Although the stock is arguably cheap on 13.3x 2016 P/E, we believe that EPS momentum could be at risk across the next year."

Also in analyst world today, heavyweight Goldman Sachs has downgraded Imperial leather soap maker PZ Cussons (LON:PZC) to 'neutral' from 'buy'.

Barclays have marginally upped the target price on cruise ship operator Carnival (LON:CCL) to 4,030p from 4,000p. The rating is 'equalweight'.

JP Morgan Cazenove does the same sort of thing for Homeserve PLC (LON: HSV), repeating a 'neutral' stance and liftinbg the target to 415p from 407p.

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