Seymour Pierce are a shower of ........... I note that they have downgraded the profit forecast as mentioned above to .78 eps for 2006. This gives a PE of 2.2 and based on this valuation they have manged to come up with a "Neutral" recommendation. How can you value something, especially as the house broker, with a PE of 2.2 falling to 1.95 for 2007 and not be confident enough to have an add or a buy reccomendation even if only on a valuation viewpoint.
If they are not confident enough of their analysis to back it with the appropriate reccomendation then they should adjust their forecasts accordingly.
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