MARKET TALK: Ambrian Upgrades Pennon To Buy From Hold

1st Jul 2010 11:55

1055 GMT [Dow Jones] Ambrian upgrades Pennon Group (PNN.LN) to buy from hold and raises price target to 623p from 575p following the company's better-than-expected FY results. Says pretax profit of GBP183.8M was GBP17.5M ahead of Ambrian's forecast. Also notes the dividend was increased by 7.4% to 22.55p, in line with the company's policy of 3% per annum real increases. Ambrian adds there is 15% upside to the new target price. Shares -0.9% at 548p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 01, 2010 06:55 ET (10:55 GMT)