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Home / Special Reports / Top Stocks for 2015

This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.

4 December 2014

Top Stocks for 2015

2014 is sooooo last year

What an exciting year 2014 has been, with exceptional volatility and trading opportunities, especially since mid-September with both new highs and lows posted on the UK 100. As we move into year-end with most brokers only now looking at December’s Santa Rally candidates (see our recent report), Accendo Markets remains ahead of the game, already looking ahead to 2015.

Something like a phenomenon

While our recent report looks at the phenomenon that equities tend to post positive performance in December with funds wanting to be seen holding the year’s winners rather than losers, supporting the adage that the ‘trend is your friend’, this report looks at another that says this year’s top and bottom performersmay well have become so over-loved/unloved that they deliver a reversal of fortunes next year with bargain-hunters seeking to rotate into where they see more value.

Going hand in hand with this, and of particular interest to short term traders, is the generally accepted theory that stocks also tend to do well in January (the ‘January effect’) with Q4’s underperformersoutperforming early on in the new year. This comes thanks to Funds dumping underperformers so as not to show them in the portfolio statement on 31 Dec, but them becoming so oversold they become attractive again in Jan to both the funds and the wider markets.

On a recovery course?

As we write the UK index is flirting with late-Nov highs and still on course for recovery to 2014 highs of 6905 in September. Of note is that while many brokers called it wrong this time last year, expecting the index to be above 7000 by end-2014, the Q1 update to consensus was pretty close (6950).

We don’t yet know what analysts are forecasting for 2015, but expect to see plenty >7000, signalling new all-time highs, given that many major international peer bourses are already trading all-time highs thanks to global central banks remaining accommodative, a 7000 print for the UK Index being is less than 4% north of where we trade now and given its numerous flirtations with 6900 already this year.

Market drivers

While Ebola may seem like a distant memory and market threat as equities markets recover and liquidity taps remain open (ECB, BoJ), concerns related to global growth (Eurozone, China) persist alongside geopolitical tensions (Ukraine, Syria, Iraq). The Bulls may be looking for a 7xxx, but the Bears are still hoping for a 5xxx. Who will be right in 2015?

The FSTE has bounced from <6100, a level dating back 3 years having served as resistance in 2011-2012 before a breakout above in early 2013. While the level holds, the long term uptrend from 2009 financial crisis lows still holds which won’t be lost on those fond of technical analysis/charting.

Back to the highs?

Can we retest 6900 by year end and then all-time highs 6950, moving on to 7000 in 2015? Will those broker forecasts just prove a year late? Can China put worries at ease with better growth or stimulus? Can the ECB stave off recession/deflation with QE? Is the US recovery still a given? Can the underperforming UK index catch up with its peers?

As the year comes to a close, it’s time to look at the stocks that have done best /worst in 2014 to help you to decide which will do best/worst in 2015 and where long/short trading opportunities lie. Accendo Markets has identified for you 10 names worth looking at now before the new year kicks off.

Is now the time to buy or sell?

Whilst many brokers will focus on what to buy (possibly even doing so while markets were falling, tapping into investors’ bullish bias) and repeatedly deciding ‘a bottom’ had been reached, this report is designed to be more thought-provoking, providing you with an example of the kind of service Accendo Markets provides to its clients, highlighting the stocks that have done best and worst offering potential trading opportunities in both directions.

Armed with this information, you as a trader/investor are in a position to make your own decision about what you consider the best opportunities in terms of stocks which have potential for upside and recovery. Equally, some stocks may now begin to start showing signs of weakness before a correction, having proved resilient during the recent market declines.

Long or Short? It’s up to you

It’s your choice as to what you trade in whichever direction. Long the high-beta and fast-moving Miners, long on oversold UK 100 giants or selling short the slower moving Utilities or Consumer staples or overbought UK Index behemoths?

The choice is yours and Accendo Markets is here to provide you with everything you need to make an informed decision, be it a wider market overview, broker updates or simply stock-specific news.

The UK’s biggest Winners & Losers

The following tables look at the winners and losers within the UK’s biggest index, the UK 100 for 2014. The link on the following page takes this one step further, providing you with performance data for the largest 350 stocks (UK 100 and combined) by market capitalisation (value) and thus some of the most traded stocks by UK retail clients.

To know more about any of the stocks highlighted and for any additional stock-specific news on other UK stocks, you can always speak to a dedicated broker as an Accendo Markets client in order to be brought up to speed.

In addition Accendo Markets monitors daily the views of the big City scribblers (analysts) for any changes in recommendations (buy, hold or sell) and target prices, as they can be market moving and key to a traders timing and decision making.

To know who has won and lost in 2014, see below;

2014 UK 100 Winners

UK Index  2014 winers

Source: AlphaTerminal; Performance as of 2 Dec 2014

 2014 UK 100 Losers

FSTE 2014 losers

Source: AlphaTerminal; Performance as of 2 Dec 2014

NB: For the full UK 100 and year-to-date performance breakdown, see link later on;

Trade Examples

Whether you see the index or its components going up or down in 2015 one thing is for sure - tradable opportunities will present themselves regularly. Below are some examples to help you profit from the UK index and the potential moves of its constituent members.

Trading equities

If you have a particular equity in mind and would like to trade it now or in 2015 you can do so using just a 5% deposit to gain full exposure. This can be done via CFDs.

If you are optimistic on Barclays (BARC)* and wish to gain long exposure worth £10,000 via CFDs, you would require a £500 deposit. If the shares recover in 2015 and gain 50% you would stand to make £5,000, just as if you held £10,000 of shares, with CFD leverage magnifying the return on your small deposit. If the shares fell another 50%, however, you would of course be liable for the £5,000 loss.

If you are negative on Babcock International (BAB)* and wish to take short exposure worth £10,000 via CFDs, you would require a £1,000 deposit. If the shares fall 25% in 2015 you would stand to make £2,500, as if you had sold short £10,000 worth of shares, with CFD leverage magnifying the return on your small deposit. If the shares gained 25%, however, you would of course be liable for the £2,500 loss.

As with indices, stop losses can be used on Equity CFD positions to limit any losses.

NB: *Stocks chosen randomly.

Trading the Index

If you believe the UK flagship index can regain recent highs and push on to 7000 and above, this implies at least 250pts upside from here. Going long the UK 100 index at £10 per point would require a £325 deposit and net you £2,500 profit if called correctly. If the index fell by 250pts, however, you would of course lose £2,500.

You can limit your potential loss with the use of a stop loss. For example, you might decide to go long at £10 per point using a 100pt stop loss. If you call the direction wrong and the index falls by 100pts, you would be stopped out with a £1,000 loss.

Of course it is completely up to you, A) how much you go into the index (2/4/6/10/20/50/100/1000 pounds per point) B) whether you go LONG (think the index will go up) or SHORT (think the index will go down) and C) how far you place your stop loss away if at all (limiting your potential loss).

Before taking a position in the Index or Stocks, be sure to contact Accendo for…

  • Updates - How does the index or your preferred stock look in terms of investor sentiment? News and broker updates can emerge daily affecting share prices. Optimism can switch to pessimism in the blink of an eye depending on what’s going on around the world.
  • How to use CFDs and Spread Bets to maximise your profit potential.
  • How to use the tools available to minimise the risk involved

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The Accendo approach – what’s different?

At Accendo Markets we don’t tell you what to do. It’s your call whether you buy or sell. Our aim is to provide the help you need highlighting opportunities which may be profitable to you, the trader, and assist you in making trading decisions from which you can benefit by the use of leveraged instruments.

Our approach focuses on 3 elements below;

  • Education – not obligation
  • Observations – not recommendations
  • Assistance – not persistence

Our unique and award-winning service provides you with the help and tools you need to make appropriate trading decisions in the financial markets, both to grow and protect your capital.

CFDs – A simple way to increase profit potential

While traditional VOD shares require the full amount be paid up front (e.g. 4,545 shares at 220p, would require the full £10,000 outlay) an identical trade using CFDs involves an initial outlay of just £500 (VOD CFDs require a 5% deposit). The outlay is lower but the risk and reward are the same as if £10,000 of shares were held.

The VOD CFD trader benefits/suffers to the same extent as the traditional VOD shareholder but has the advantage of not having to part with the full amount at the outset. He also saves on stamp duty as there is no physical purchase. Best of all, the CFD trader can take a positive or negative view.

Should you not be interested in the leverage advantage of CFDs but do wish to purchase VOD shares, you can always treat CFDs like shares (also avoiding stamp duty). Simply deposit the full value of the share position you would like to take (i.e. £10,000) and take an equivalent CFD position (note that overnight financing costs will still apply).

Think VOD shares will rise? Take a long position by buying the CFDs. Think its shares will fall? Take a short position by selling the CFDs. For a more detailed rundown of CFDs, their mechanics, associated costs and some trading scenarios click here.

Beware that the combination of CFD leverage and bigger share-price movements (volatility) can result in bigger than expected losses which can even exceed your original deposit.

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For any questions on how to trade UK stocks via CFDs or shares, including ways in which your risk can be managed, call us to discuss on 0203 051 7461

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Summary

A selection of major names has both risen and fallen by between 20 and 60%. Not negligible moves in an environment where your cash at the bank earns you nothing after inflation. Some stocks will offer recovery potential in 2015, while others will push higher. Some will offer correction opportunities while others will keep leaking.

The outperformers, such as Shire (SHP) and AstraZeneca (AZN) have benefited from M&A, even though nothing came of talks and deals. Could 2015 see predators return for a second bite at the prey?

The underperformers such as Tullow Oil (TLW) and Tesco (TSCO) have suffered from falling commodity prices (notably oil) and a nasty combination of supermarket sector problems (price competition) and issues closer to home (accounting irregularities). Worries overdone and set to recover? Or worse to come?

Whether a trading opportunity exists is something that only you can decide, and if you want to look at the full list of the UK’s 350 biggest stocks click here for the full 2014 Performance breakdown to help you make your decision.

Lots of these stocks are heavily traded by UK investors / traders and represent the cornerstone of many a portfolio. If you own or trade any of the names above with Accendo Markets or indeed elsewhere, we are here keep you abreast of all developments you need to make informed decisions.

If something major is announced when will you find out? That day? The next? The benefit of working with Accendo Markets is getting a call from your trader in time not just sometime.

For 10 stocks we believe are worth watching for 2015, read on

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Shire (SHP) - Healthcare; 

1-month 8.9%, 3-month, -7.7%, 12-month 67.4%

SHP

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards 2014 highs of 5500p or will it fall below lows of 2800p?

Summary: Shire (SHP) has benefited this year from a raft of healthcare merger and acquisition deals, some of which have come to fruition and others which have not. While US group AbbVie (ABBV) pulled out of its tax-decreasing focused deal, due to changes in US law to counter such deals SHP has continued to rise, on hopes that low borrowing costs will persist and fuel yet more M&A in 2015, with AbbVie coming back or another suitor presenting itself. FY14 results: mid-Feb

Technicals: After the fall back on the M&A deal collapse, support kicked in around the June breakout level 3800p. Having bounced here this could serve as support again for any weakness. Rising lows towards abandoned highs suggests potential healthy upside and for the gap to be filled to 5200p.

Latest Broker Consensus:  18 x Buy, 7 x Hold, 0 x Sell

3-Dec, Morgan Stanley, Overweight, TP 5200p; 25-Nov, Citigroup, Buy, TP 4900p; 18-Nov, JPMorgan, Overweight, TP 4600p; 17-Nov, Berenberg, Hold, TP 4100p; 7-Nov, Credit Suisse, Neutral, TP 4200p;  4-Nov, UBS, Buy (U), TP 5000p (D); 28-Oct, Cenkos, Buy, TP 5347p; 27-Oct, Morningstar, Hold; 510p;

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 
 
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United Utilities (UU.) - Utilities, Water

1-month 5.3%, 3-month 3.2%, 12-month 38.3%

UU

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise above 2014 highs of 920p or will it fall towards lows of 640p?

Summary: Amid the year’s M&A party, several utilities names have benefited from bid talk which has helped buoy shares and keep them near high for most of the year. Less exposed to global growth, it’s not surprising the shares have down well, even if they suffered amid the October market-wide downturn. Shares static since H1 results end-November. Attractive 4% dividend yield. Interim Statement: 30 Jan

Technicals: UU shares are in a 2014 uptrend, benefiting from rising lows and several attempts to breakout higher to make new all-time highs. Can this broken in 2015 or will we leak back from highs?

Latest Broker Consensus:  4 x Buy, 8 x Hold, 3 x Sell

27-Nov, SocGen, Hold, TP 770p; Deutsche, Buy, TP 1030p; 25-Nov, Whitman Howard, Hold, TP 960p; 12-Nov, Citigroup, Neutral, TP 875p; 7-Nov, Investec, Sell, TP 730p; 31-Oct, RBC, Neutral, TP 890p; 14-Oct, Morgan Stanley, Equalweight, TP 875p (U); 6-oct, JPMorgan, Neutral

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price)

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Next (NXT) - Retail, Clothing

1-month 5.9%, 3-month -4.9%, 12-month 26.4%

NXT         

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards 2014 highs of 7280p or will it fall below lows of 5340p?

Summary: UK retailers have struggled in Q3 on account of warm weather postponing those big Winter purchases. Nonetheless, NXT’s embracing of a multi-channel offering including online and across including home-ware as well as clothing has seen it outperform peers for several years. A harsh winter could help. Consensus dividend of nearly 5% next year. Interim Ex-div: 4 Dec, Q4 Statement: 30 Dec

Technicals: Since mid-2014 the shares have shifted out of a tight 3yr rising channel, but have continued to try higher in March and September. Support present around 6150p since April. Can the shares keep warming up this winter, or will they get hung up?

Latest Broker 12-Month Consensus:  7 x Buy, 15 x Hold, 3 x Sell

27-Nov, Citigroup, Buy, TP 7700p; 26-Nov, Canaccord, Buy, TP 7500p; JPMorgan, Neutral, TP 7100p; 11-Nov, Cantor, Buy, TP 7100p; 7-Nov, Investec, Hold, TP 6800p; 4-Nov, ExaneBNP, Hold, TP 7250p;  Berenberg, Buy, TP 7775p (D); 31-Oct, Peel hunt, Hold, TP 7100p; 30 Oct, SocGen, Hold, TP 6469p

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Persimmon (PSN) - House builders

1-month 4.2%, 3-month 14.6%, 12-month 31.7%       

PSN

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise above highs of 1545p or will it fall towards lows of 115p?

Summary: Rising UK house prices fuelled by low interest rates and government schemes to help initially first time buyers then movers has helped UK House builders in 2014 with the threat of a UK rate rise in  2015 regularly pushed back by questionable global growth and sub-target UK inflation and wages growth that fails to match. A UK housing shortage should continue to provide support. Decent 4.5% dividend yield, forecast to be over 6% in 2015. Interim results: 7 Jan

Technicals: 2011 uptrend slowed up in mid-2013. 2014 seen sideways shift although October breakout from bullish ascending triangle pattern seen shares make new all-time highs. Will the shares build on 2014 strength and foundations or have they found a roof/ceiling?

Latest Broker 12-Month Consensus:  5 x Buy, 9 x Hold, 8 x Sell

3-Oct, Espirito Santo, Neutral, TP 235p (D); Shore, Hold; 2-Oct, ExaneBNP, Hold, TP 260p; SocGen, Hold, TP 260p; 1-Oct, Cantor Fitzgerald, Hold, TO 320p; Morningstar, Outperform; 26-Sept, Barclays, Overweight, TP 300p; 25-Sept, JPMorgan, Underweight, TP 225p (D); Deutsche, Hold, TP 275p;

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Imperial Tobacco (IMT) - Tobacco

1-month 7.8%, 3-month 11.0%, 12-month 26.4%

IMT            

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise above highs of 2980p or will it fall towards lows of 2160p?

Summary: Certain defensives such as tobacco have done well in 2014, although IMT has fared better than competitor BATS despite strong currency headwinds. Regulatory changes are a risk, as is popularity of e-cigarettes. High dividend yield of 5% means widely held through economic thick and thin. Ex-div; 15 Jan Q1 Results: 17 Feb

Technicals: Shares in strong 2014 uptrend, just off all-time highs, with major support at breakouts 2480p and now potentially at 2790p. If Aug-Oct was pause, potential for Jan-Apr upside to be repeated. Will the shares keep smoking higher, or will investors stub them out?

Latest Broker 12-Month Consensus:  13 x Buy11 x Hold4 x Sell

17-Oct, JPMorgan, Overweight, TP 260p; 10-Oct, Credit Suisse, Outperform, TP 220p; 9-Oct. Espirito Santo, Sell, TP 168p; 9-Oct, Nomura, Reduce (D), TP 180p; 29-Sept, Goldman Sachs, Neutral; 19-Aug, Morningstar, Hold; 11-Aug, Berenberg, Hold, TP 214p;

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Tullow Oil (TLW) - Oil

1-month -12.6%, 3-month -42.1%, 12-month -50.9%     

TLW           

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards highs of 920p or will it fall towards lows of 385p?

Summary: Already in a downtrend, the shares have been hurt this year by a weak oil price, large capex projects becoming less viable and need for self-help and debt facility extensions. The company says shares are well below its downwardly revised Net Asset Value estimate (883p) and even its floor valuation (489p). An oil price recovery would likely help. Trading Update, 15 Jan; FY Results, 11 Feb

Technicals: In a downtrend since early 2012, the shares have given up over 75% from their 1620p highs and even fallen out of their falling 2yr channel. Despite a pause around 500p, another leg down was had lately as the oil price plunged. Can the shares be pumped higher or will they leak further?

Latest Broker 12-Month Consensus:  18 x Buy, 7 x Hold, 0 x Sell

2-Dec, Numis, Add, TP 491p (D); 1-Dec, JPMorgan, Neutral, TP 495p (D); Credit Suisse, Neutral, TP 715p; Deutsche, Hold; Westhouse, Buy, TP 770p; 25-Nov, SocGen, Buy, TP 580p; 21-Nov, Morningstar, Outperform; 18-Nov, Liberum, Buy, TP 720p; 12-Nov, Canaccord, Hold, TP 450p; 

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Tesco (TSCO) - Retail, Grocery

1-month 7.9%, 3-month -18.9%, 12-month -45.1%

TSCO         

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards highs of 350p or will it fall towards lows of 165p?

Summary: Shares have suffered from profits warnings linked to weak trading due to cut-price competition from smaller rivals gaining market share as well as internal accounting irregularities which cast a dark cloud over the whole sector for a while. While still the biggest grocer by market share, can TSCO start 2015 on the front foot? Interim Statement, 8 Jan; FY Results, 22 Apr

Technicals: In a downtrend since the beginning of the year, things have gone from bad to worse for TSCO taking the shares to near 11yr lows recently. Support kicked in 160-170p and we have almost tested 200p again. Worth adding to your basket for 2015? Or still a basket case?

Latest Broker 12-Month Consensus:  3 x Buy, 13 x Hold, 7 x Sell

3-Dec, Shore, Hold; 27-Nov, JPMorgan, Underweight, TP 145p; 19-Nov, Deutsche, Hold, TP 180p; 17-Nov, Goldman Sachs, Sell, TP 155p (D); 10-Nov, Charles Stanley, Hold; Sanford BernsteinOutperform; 6-Nov, Citigroup, Neutral, TP 190p; 5-Nov, ExaneBNP, Neutral, TP 180p;

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Rolls Royce (RR) - Industrials       

1-month 1.7%, 3-month -16.8%, 12-month -29.4%

RR

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards highs of 1295p or will it fall towards lows of 775p?

Summary: Dented by two profits warnings this year the shares have given up almost a third this year, the second shock coming only just recently as management predictions of 2015 growth were retracted due to rapid deterioration in economic conditions hurt energy and mining industries and the impact of Western sanctions on Russia feeds through. Preliminary Full year results, 13 Feb

Technicals: Another share showing a 2014 downtrend. Support emerged after the market downturn and the bounce shows appetite for the October gap-down to be filled. Can the shares be propelled higher to revisit mid-2014 levels of 1050p again? Or does this engine need an overhaul?

Latest Broker 12-Month Consensus:  10 x Buy, 13 x Hold, 4 x Sell

2-Dec, Panmure, Buy, TP 1310p; 28-Nov, Investec, Hold, TP 900p (U); 20-Nov, Westhouse, Neutral, TP 800p; 18-Nov, Credit Suisse, Underperform, TP 820p; 13-Nov, Liberum, Hold, TP 900p; 6-Nov, SocGen, Hold, TP 800p; 5-Nov, Cantor, Buy, TP 1310p; 3-Nov, Canaccord, Buy, TP 850p

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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Standard Chartered (STAN) - Banks

1-month 0.1%, 3-month -22.8%, 12-month -34.6%

STAN    

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards highs of 1450p or will it fall below lows of 900p?

Summary: Shareholders have had to endure unwelcome news about weaker profits and rising bad debts, as well as lacklustre strategy update. This follows a June profits warning and with doubts about strength rising over the years, some worry another rights issue is due. Not immune to ethical issues. Pre-Close statement, 4 DecPreliminary Full Year results, 5 Mar

Technicals: In a downtrend since early 2013, the shares have fallen over 50% from 1860p highs accelerating since the September market downturn and failing to register recoveries like other banking stocks. Recovery candidate via Asia focus? Or would it benefit from doing more closer to home?

Latest Broker 12-Month Consensus:  10 x Buy, 10 x Hold, 9 x Sell

3-Dec, JPMorgan, Neutral, TP 1250p; 2-Dec, Investec, Buy, TP 1250p; 27-Nov, Morgan Stanley, Underweight, TP 835p (D); 24-Nov, ExaneBNP, Underperform, TP 1000p; 17-Nov, Canaccord, Sell, TP 850p; 11-Nov, Shore, Buy; 6-Nov, Deutsche, Hold; 30-Oct SocGen, Hold, TP 1085p;

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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BHP Billiton (BLT) - Mining

1-month -5.9%, 3-month -21.0%, 12-month -16.8%

BLT       

Source: AlphaTerminal; green and red lines indicate potential support and resistance

Will the price rise towards highs of 2110p or will it fall towards lows of 1420p?

Summary: Hampered by falling commodity prices, miners have been hurt by the prospect of slowing global growth as China begins to normalise after years of fast expansion and the Eurozone struggles to recover like the UK and US. A stronger USD via expectations of a US rate rise (and the end of QE) and a plunging oil price has made matters worse. Operational Reviews, 21 Jan and 22 Apr

Technicals: Sideways/gently rising for most of 2014, the shares began to correct in August, well before the market turned down. This can be linked to falling commodity prices on a stronger USD. Support kicked in around 5yr lows. Does the recent bounce have legs, or will the digging persist?

Latest Broker 12-Month Consensus:  12 x Buy, 12 x Hold, 1 x Sell

3-Dec, Deutsche, Buy TP 2400p; 1-Dec, Citigroup, Buy, TP 2050p (D); 28-Nov, Morgan Stanley, Overweight, TP 2200p (U); 25-Nov, UBS, Buy, TP 2100p; JPMorgan, Neutral, TP 2050p; 21-Nov, Liberum, Hold, TP 1850p; 13-Nov, Credit Suisse, Neutral, TP 2000p; 3-Nov, Nomura, Buy, TP 2300p

Source: Digital Look, Alpha Terminal, Bloomberg) (U = Upgrade / D = Downgrade; TP = Target Price) 

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
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