Broker snap: Friends Provident sell-off overdone, Panmure says
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Shares in Friends Provident recovered some of yesterday's heavy losses after Panmure Gordon upgraded its recommendation on the insurer to 'buy' from 'hold'.
Panmure said that the almost 11% slide in Friends' share price - which came after JC Flowers said it will withdraw its proposed 150p a share offer unless Friends enters talks with the private equity group by 18 April - was over done.
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Panmure noted that Friends' share price would bounce if talks with JC Flowers recommence, but would not lose much value if JC Flowers abandons all takeover attempts.
The broker keeps its 135p price target.
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