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FTSE 100 Edges Into Red; Oil Sector Lower on Oil -2-

01/20/2022 | 04:30am EDT

0835 GMT - Superdry's first-half results and cash of GBP20 million is testament to the success of the company's strategy, Liberum says. "With footfall on an improving trend across retail, and wholesale delivering on expectations despite supply-chain issues, underpins confidence for the second half," the U.K. brokerage says. Liberum sees no changes to forecasts for the British clothing brand, but expects the share-price recovery to continue following the 11% jump seen last month. Liberum has a buy recommendation on the stock and a target price of 500 pence a share. Shares are up 1.4% at 252.50 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

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Deliveroo Shares Seen Rising After 4Q Update

0818 GMT - Shares in Deliveroo are up 3.4% after the company released a year-end trading update. The numbers were in line with expectations, with both gross transaction value and orders 1% below consensus, Citi says. U.K. order growth of 41% in the fourth quarter outpaced competitor Just Eat Takeaway, the U.S. bank notes. "We do not expect consensus 2022 GTV or gross margin expectations to change as result of this update. As such, we expect a relatively positive share price reaction given recent weakness," Citi says. (jaime.llinares@wsj.com)

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AB Foods' Primark Can Defend Double-Digit Margins

0819 GMT - Associated British Foods' Omicron-reduced footfall late in the first quarter has hit Primark sales less than Jefferies had feared. This should be the last Covid-19-related deterioration in sales momentum for the British conglomerate's fashion retail unit, Jefferies says. "Past periods of reduced restrictions have shown Primark's ability to defend strong consumer attractions and double-digit margins," the bank says. Jefferies has a buy recommendation on the stock and a target price of 2,700 pence a share. Shares are up 1.2% at 2,155.00 pence. (sabela.ojea@wsj.com; @sabelaojeaguix)

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Entain Has Potential to Build Global Scale

0758 GMT - Entain struck a positive tone in its update and RBC Capital Markets says it likes the gambling-and-betting company's ambition to build a global business of scale, backed by its best-in-class tech platform. The Canadian bank says it likes the broader global outlook of Entain, and believes BetMGM--its joint venture with MGM Resorts International--will be one of the long-term winners in the U.S. There is also a compelling relative valuation argument, RBC says, as the stock trades at a significant discount to rival Flutter, a discount it thinks is no longer warranted. RBC has an outperform rating on the stock with a target price of 2,200 pence.(kyle.morris@dowjones.com)


Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

01-20-22 0430ET

Stocks mentioned in the article
ChangeLast1st jan.
DELIVEROO PLC -1.05% 92.02 Delayed Quote.-55.65%
FTSE 100 0.65% 7438.48 Delayed Quote.0.07%
LONDON BRENT OIL 0.29% 112.88 Delayed Quote.42.93%
MGM RESORTS INTERNATIONAL 2.14% 34.37 Delayed Quote.-23.42%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
WTI 0.32% 110.526 Delayed Quote.44.84%
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