Monday, 1 December 2008

Revolution, not Evolution...

I see that New Star Asset Management has asked to have its shares suspended, on talks with its banks about a debt-for-equity swap that would leave the lenders owning a majority stake in the beleaguered fund manager.
That hardly comes as a surprise to many in the City, who have long been sceptical about the group's prospects, but it will still shock those ace share-pickers at Evolution Securities.
They have tipped New Star a mere 18 times over the past two years with the highest price target of 580p (click on table below).
We need a revolution, not Evolution, as the broker's poor clients might now say.

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