ICI cut to market perform

Investment bank Lehman Brothers said on 19 March that it was cutting its recommendation on Britain“s Imperial Chemical Industries (ICI) to “market perform“ from “buy“ and was retaining a 312 penc…

Investment bank Lehman Brothers said on 19 March that it was cutting its recommendation on Britain“s Imperial Chemical Industries (ICI) to “market perform“ from “buy“ and was retaining a 312 pence a share price target. A note from Lehman said the shares had bounced recently and in common with the sector overall was now trading slightly above its fair value estimate. “Sentiment has improved (lead paint news and the trading envirnoment no longer deteriorating) but we have no cause to change our fundamental valuation and are therefore changing the rating to market perform,” said the note from Lehman analyst Oliver Fear.