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BEST OF THE BROKERS

City PM Published Jun 8, 2009 Reviewed Jul 2, 2026 ✓ Reviewed by citations.press editors

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Goldman Sachs raised Thomas Cook's six-month price target to 240p.

240 pence · six-month price target

Goldman Sachs, broker

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Wolseley raised £1bn of equity.

1000000000 pounds · equity raised

Royal Bank of Scotland, broker

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Goldman Sachs updated its 2009 net debt estimate for Thomas Cook to £200m.

200000000 pounds · 2009 net debt estimate

Goldman Sachs, broker

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Rio Tinto will conduct a rights issue to reduce its debt burden, and Citigroup notes that dilution from the cash call will be less than if the Chinalco deal had gone ahead.

Citigroup, broker

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RIO TINTO
Citigroup said that Rio Tinto’s growth projects will come back onto the agenda now that the miner has pulled out of the Chinalco deal and confirmed a rights issue. to reduce its debt burden. The broker notes that dilution from the cash call will be less than if the Chinalco deal went ahead, and maintained its “buy” recommendation.

THOMAS COOK GROUP
Goldman Sachs removed travel operator Thomas Cook from its “sell” list and added it to “neutral” because it is undervalued. The broker’s estimates have risen due to better-than-expected trading, but its 2009 net debt estimate is up to £200m. Goldman raised its six-month price target to 240p.

WOLSELEY
Wolseley has delivered on its exit from the US Stock business, said Royal Bank of Scotland, and has raised £1bn of equity. However, the broker remains concerned that operational gearing will undermine profitability and jeopardise long-term value-based support for the share price. RBS resumed coverage with a “sell”.

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