ABN Amro cuts credit rating on France Telecom

ABN Amro has lowered its recommendation on the title of Telecom, bringing it from buy to hold, and indicating a price target to 16 . For analysts the ’s Dutch , FT following the downgrade by Moody’s has strong liquidity and fill necesita to recover his debt. So a share issues seems inevitable. A reduction in the cash gap, emphasizes ABN Amro, reassure the and may have beneficial effects throughout the industry. Also, added the analysts, the French telecoms operator needs to resolve as soon as his battle with MobilCom. At this moment the title FT is accusing a loss of 13.96% Bulgarian dragging the share price to 9.12 .

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Saipem, UBS Warburg estimates raises

enter the good news for Saipem. Analysts at UBS Warburg raised their earnings estimates of 10 and 12% respectively over 2003 and 2004. The remains “buy” while the price target is at 8 .

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Mediolanum in red, downgrade from MSDW

Mediolanum down by 0.3%, in contrast with the Mib 30 index after Morgan Stanley has decided to lower its to “equal weight” to “underweight” with a target price of 5, 96 . To penalize the title, according to analysts at MSDW, excessive quotation, in terms of multiple sull’embedded value.

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S & P confirmed short-term debt Fiat

In parallel with the resignation of Paolo Cantarella also arrived on the first trial by the Fiat group of home . Standard 6 Poor’s has maintained it’s “A-3″ on the short, confirming the negative outlook.

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Glaxo: Williams de Broe raises rating to buy

Williams de Broe has raised its recommendation on GlaxoSmithKline, bringing it to Hold from Buy after the Food & Drug Administration approved the marketing of the drug Lotronex back, taken off the in the past for possible side effects. Glaxo currently changing hands in London at 1403 pence (+3.3%).

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GlaxoSmithKline and ‘equal-weight for M. Stanley

Analysts at Morgan Stanley express an opinion on GlaxoSmithKline particularly cautious in light of recent patent implications Augmentin. The offered by the is equal-weight, with u fair value of 1,600 pence. The title now switches to share 1451 pence, down 1, 4%.

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Bayer: 1300 cuts in the pharmaceutical business

The German pharmaceutical group Bayer will cut its staff in the pharmaceutical division of 1,300 units, representing 7% of the workforce. The staffing reductions will save 400 million in operating costs. The ’s difficulties are a direct consequence of the withdrawal of the drug Baycol from the , one of the best-selling pharmaceuticals in 2001.

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Arm Holdings falling on WestLB downgrade

Minus sign today for the title Arm Holdings London , after WestLB Panmure has downgraded the title on fears of a slowdown in growth. The German broker has cut its to Sell from Neutral, setting a target price to 170 pence from 280 pence earlier. Right now, Arm changing hands at 222 pence (-1.3%).

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Pop. Novara, good quarterly

Brilliant quarterly Popolare Novara. The institute led by Siro Lombardini has obtained a consolidated of 38.1 million , up 41.1% on three months 2001. Remember that the is committed to integrating with the population of Verona who have no legal effect from June.

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UBS: 1st qtr. 2002 better than expected

The group UBS has announced the results of the first quarter to 31 March, which showed a decline in net to 1.363 billion Swiss francs (1.579 billion from the same period the previous year) surpassing analysts’ estimates of between 1.075 and 1.285 billion francs. Operating fell from 10,067 at 9,589 billion francs, while earnings per share basis decreased by 15% to 1.27 francs. UBS has set an unlikely improvement in results in 2002 than the previous year.

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