Corvus Capital Inc. 2007 Report & Accounts
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Interim Results for the six month period ended 31 March 2008.
Broker snap: Panmure not convinced by Tate & Lyle update
23 Jul 2008
This morning's trading update from failed to change Panmure Gordon's view on the stock, which it rates as a sell.
The broker noted that the company indicated that first quarter profits are likely to be little changed from the corresponding period of last year, while the tax rate guidance has been lifted from 29% to 31%.
Panmure Gordon said that if energy costs stay at their current levels, Tate & Lyle's energy costs are likely to be £80m higher in 2010 than they were in 2008.
The broker also had concerns about a potential decline in High-fructose corn syrup capacity utilisation in the US this year.
The broker has a price target of 385p for the stock.
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