Investment bank ABN Amro said on 6 March that it raised its recommendation in Britain“s Imperial Chemical Industries to “add” from “hold” with a share price target of 340 pence. “The rights issue ann…
Investment bank ABN Amro said on 6 March that it raised its recommendation in Britain“s Imperial Chemical Industries to “add” from “hold” with a share price target of 340 pence. “The rights issue announced on 4 February goes a long way to solving the company“s debt problems,” said ABN analysts in a research note. By 0955 GMT the stock was trading 4.1% weaker at 288-1/4p. “We estimate 3% year-on-year growth in pre-tax profit in 2002. Margins should improve in most businesses in the medium term. Associates are likely to be weak. Net profit should benefit from a lower interest charge, following the rights issue,” said the note.