MARKET TALK: RBS Upgrades Reed Elsevier Target Price

30th Jul 2010 09:59

0859 GMT [Dow Jones] Royal Bank of Scotland raises Reed Elsevier (REL.LN) target price to 635p from 605p. Says the group's 1H earnings beat low market expectations. Also, "CEO Erik Engstrom gave a confident performance at the analyst meeting, which should go some way to dispelling medium-term concerns," it adds. Says that Reed's assets are late cycle and the road to recovery will likely be long, "but with a bottom apparently having been reached, we believe Reed shares are a more investable proposition." Has a buy rating. Shares +0.5% at 555p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 30, 2010 04:59 ET (08:59 GMT)