Broker tips: CSC, Standard Chartered, Misys

4th Aug 2011 12:36

UBS has cut its target price from 405p to 380p for shopping centre development outfit Capital Shopping Centres (CSC) due to a lower net asset value (NAV) forecasts and increased uncertainty in the retail market."The retail market remains tough with few signs of a near term improvement as austerity bites, [gross domestic product] growth is muted, consumer confidence low and uncertainty high," the Swiss broker said.UBS notes that, relative to its peers, CSC's exposure to London development and offices remains very low.First-half results at Standard Chartered met expectations, says Nomura, who keeps its positive view on the shares and maintains its buy rating. A target price of 1,800p is kept.The broker notes that the firm's numbers for the six months ended 30 June were in line, with double-digit income and pre-tax profit growth and flat operating leverage: "Management is committed to sustaining this both near and longer term," analysts said."We think investors are likely to remain positive towards a group that has limited direct exposure to developed market problems, is generating double-digit top line and [pre-tax profit], has met expectations and where estimates have been maintained," the broker said.Now talks have ended with Fidelity National Information Services (FIS), Misys has had its target price slashed by Panmure Gordon from 403p to the "undisturbed" level of 343p."We were never fully convinced that FIS was really that interested in TCM - but thought they might have a go at Misys Banking," said analyst George O'Connor.The broker keeps its hold rating on the stock.BC