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Buy Anglo American, says both Commerzbank and BT Alex.Brown, at pounds 29.68 and pounds 30.7 respectively. Risks reside in poor information disclosure, South African exchange controls and large crossing holdings, warns BT Alex.Brown, but it praises the simplified group structure, while Commerzbank calculates that the shares are on a 30 per cent discount to Rio Tinto.
OUTPERFORM
J Sainsbury (401p) is set to outperform, argues Morgan Stanley Dean Witter, which has raised its price target by 40p to 450p. MSDW points out that Sainsbury's and Safeway's real estate is valued more highly in the property market than by the equity market, suggesting that a cheap way into UK food retail sector is via the stock market. If Asda's is worth the price Kingfisher is paying, J S should be valued at 468p-555p.
HOLD
Glaxo Wellcome's trading update for the first four months of 1998 was disappointing, says Sutherlands, which has cut its recommendation on the pharmaceuticals giant from buy to hold (1809p). Glaxo's target of double digit growth in 1999 is likely to be a challenge.
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