Rate Cut Hopes Fade

Hopes fade for rate cuts and all stock picks are a mix of 81% BUY, 10% HOLD and 9% SELL.

1. BUY Ashtead Holdings

Top stock pick this week is BUY Ashtead Technology Holdings by Berenberg with a tip performance of 8%.

Ashtead is an international equipment rental company with national networks in the US, UK and Canada, trading under the name Sunbelt Rentals. Ashtead share price launched on the London Stock Exchange at 30p back in 1993, rose to an all-time high of 6,306p in 2021 and is today at 5,632p.

Berenberg increased the price target to 775p this week at this Transaction in Own Shares RNS announcement issued on 17th, regarding almost £20,000 purchased by an insider. On the same day shares rose beating the market (which was down). It has been a strong few weeks for the group with operating revenue up 14% in the third quarter results issued in early March.

In Stockomendation three out of three analysts say BUY or OUTPERFORM they are Berenber, RBC Capital and Goldman Sachs. There is one active short position open, view it here.

2. EQUAL WEIGHT Petra Diamonds

Second top stock pick this week is EQUAL WEIGHT Petra Diamonds by Barclays with a tip performance of 5%.

Petra Diamonds is one of the world’s largest diamond exploration companies. It is a supplier of gem-quality rough diamonds with mines at four sites across South Africa and Tanzania.

Petra Diamonds share price launched at 2,635p in 1998, rose to an all0time high of 8,410p in 2014, and is today at 43p.

It issued first quarter trading update on 16 April, view the RNS here, with Barclays reissuing its rating but the share price largely flat due to tepid full year sales. Diamond prices are lower in general and there was a reduction in the value of sales. Share prices has plummeted 40% in the past year.

In Stockomendation Barclays says EQUAL WEIGHT and Bank of America says BUY. There are no active short positions open.

3. OVERWEIGHT Oxford Instruments

Third top stock pick this week is OVERWEIGHT Oxford Instruments by JP Morgan with a tip performance of 3%.

Oxford Instruments plc is a United Kingdom manufacturing and research company that designs and manufactures tools and systems for industry and research. Founded in 2016, the company is headquartered in Abingdon, Oxfordshire, England, with sites in the United Kingdom, United States, Europe, and Asia.

Oxford Instruments share price listed in 1988 at 233p, rose to an all-time high of 2,835p in 2023 and is today at 2,085p.

In the news this week due to the completion of a three year £10 million Innovate UK project which produced a 32-Qubit Quantum System. The consortium also included the Quantum Software Lab at the University of Edinburgh, Phasecraft, and Standard Chartered Bank. The purpose of the project was to commercialise quantum computing in the UK. The project was funded by Quantum Technologies Challenge, led by UK Research & Innovation (UKRI). In the UK £2.5bn in funds is allocated to quantum computing. Oxford Instruments issued a trading update on the 16th, available in the RNS here.

At the news Shore Capital reiterated its BUY rating and JP Morgan also maintained its BUY rating with a 2,400p price target.

In Stockomendation Shore Capital and Berenberg say BUY, JP Morgan says OVERWEIGHT and Jefferies says HOLD. There are no active short positions open.

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Disclaimer: The contents of this article should not be considered financial advice. Pricing data correct as at 18th April 2024.