In the good books
CYBG Plc (CYB) was upgraded to Outperform from Neutral by Credit Suisse. B/H/S – 2/2/1. The bank has announced a 7% increase to its preliminary offer to acquire Virgin Money, noting the takeover panel and the board have agreed to extend the final bid deadline to June 18. Credit Suisse now believes the deal is more likely to proceed to a final offer. As the stock has de-rated by -10% since a preliminary offer was announced the broker upgrades to Outperform from Neutral. Target is $6. (See Professional’s Pick)
Dulux Group (DLX) was upgraded to Neutral from Sell by Citi. B/H/S – 0/4/3. Following a site visit to the company's new Merrifield paint plant, and some weakness in the share price, Citi analysts have upgraded to Neutral from Sell. Price target has gained 10c to $7.60. The analysts describe the new plant as "a world-class, highly automated operation with significant new product capabilities". They see upside potential for future revenues.