Daily Mail & General Trust "buy"

09/26/07 - Panmure Gordon & Co

LONDON, September 26 (newratings.com) - Analyst Alex DeGroote of Panmure Gordon maintains his "buy" rating on Daily Mail & General Trust (DMGO-GBX). The target price is set to 970p.

In a research note published this morning, the analyst mentions that Euromoney has projected its FY07 adjusted PBT at a minimum of £60 million, ahead of expectations. Euromoney accounts for 19% of Daily Mail & General Trust’s EBIT and the recent credit market crunch has had only a marginal impact on Euromoney’s 4Q trading, the analyst says. Daily Mail & General Trust has purchased the remaining 51% stake in George Little for $155 million, Panmure Gordon adds.