MARKET TALK: UBS Nudges Up Northgate Price Target

1st Jul 2010 10:59

0959 GMT [Dow Jones] UBS nudges up Northgate (NTG.LN) price target to 200p from 195p. Says the final results show solid improvements in key trends and cash generation is particularly strong. But expects Spanish construction to be significantly weak for a number of years. Expects further deterioration as public construction projects dry up. Says this would lead the Spanish fleet to shrink by 12% in FY '11 and 18% in FY '12, which will have a material impact on longer-term earnings power. Keeps at neutral. Shares -1.9% at 170p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 01, 2010 05:59 ET (09:59 GMT)