MARKET TALK: Arbuthnot Upgrades Spirax-Sarco To Buy Vs Neutral

6th Jul 2010 10:59

0959 GMT [Dow Jones] Arbuthnot Research upgrades Spirax-Sarco (SPX.LN) to buy from neutral, following the company's 1H trading update. The brokerage says its caution on Spirax was unnecessary and the results demonstrate the quality of the company's businesses. Says sales in 1H '10 have risen by 10%, including 2% from acquisitions and 2% from exchange rates. Says this implies sales of around GBP276M, versus the brokerage's estimate of GBP258M. Expects to raise the price target from 1565p. Shares are +7.6% at 1461p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 06, 2010 05:59 ET (09:59 GMT)