The Biden administration confirmed on Thursday it is moving to reschedule marijuana as a lower-risk drug in the US and agency memos in favor of the move indicate that the drug could be reclassified before the election in November, Bank of America analysts believe.
The proposal would reclassify cannabis as a Schedule III drug from the stricter Schedule I where it currently sits alongside heroin, opening up opportunities for cannabis research and removing a significant tax burden for cannabis operators, among other benefits.
The Sage Group PLC (LSE:SGE)’s tumble following results this week offers investors another chance to buy into the software company, Jefferies analysts believe.
Shares had faced a blow after interim underlying revenue growth of 10% to £1.15 billion and a 23% jump in per-share earnings to 18.2p appeared to underwhelm midweek.
Investors are warming to Barclays PLC (LSE:BARC), according to broker Berenberg, with its investment bank targets seen as challenging but achievable.
“More broadly, we believe that investors are reassured by Barclays’ strong initial strategic progress and by emerging signs of UK growth and margin support,” said the broker.
H&T Group PLC (AIM:HAT), the pawnbroker, has made it into Shore Capital’s list of top income and growth stocks.
Using a screen for growth characteristics and a reasonable dividend yield, house stock H&T comes out with a fair value of 55p or 21% upside.
i3 Energy plc’s growing presence in Canada means it has started to produce quarterly results, with the latest ahead of WH Ireland’s targets both for production and cash margin per barrel
The broker adds the results underline its confidence i3 Energy’s assets and management team, with a fair value of 21p reiterated based on a five times EV/2025 expected debt adjusted cash flow (DACF) multiple.
Berenberg has reiterated its 'buy' recommendation for BT Group PLC (LSE:BT.A), raising the price target to £1.35 per share from £1.33 with its optimistic outlook driven by projections of substantial increases in the company's free cash flow (FCF) over the coming years.
BT’s new normalised FCF guidance for 2024/25 is approximately £1.5 billion, which is 16% higher than the consensus estimate of £1.29 billion compiled by the company.
JP Morgan has increased its fair value estimate for Anglo American PLC (LSE:AAL)'s copper division by 25%, now valuing it at £21 billion ($27 billion). This revision follows an in-depth review of production, costs, and capital expenditure projections extending to 2070.
In response to these findings, the American bank has raised its price target for AAL to £27.75 per share from the previous £26 per share.
Shares in Arecor Therapeutics PLC (AIM:AREC) remain "significantly undervalued", according to one broker that closely follows the diabetes drug specialist.
Panmure Gordon's comments followed the group's prelims on Thursday which recounted the significant progress made in 2023, but also confirmed the phase I read-out for AT278 is expected at some point in the first half.