LONDON (AFX) - Shares in Wolfson Microelectronics PLC were higher in late afternoon trade following recent management changes at the chip maker, with Scottish broker McCall Aitken McKenzie prompted to up its stance to 'buy' from 'watch' in response.
At 4.18 pm, Wolfson Micro shares were 8-3/4 pence firmer at 279, while the FTSE 250 index was 18.5 points firmer at 11.066.6. In comment landing on fund mangers desks today, McCall Aitken pointed out that after a 'shocking autumn' which saw the announcement of the end of the reign of Wolfson's founder David Milne as CEO in November and the replacement of CFO George Elliott with Mark Cubitt yesterday, the company "must be looking for some bright winter sun, even though the ice might still be frozen". The Scottish broker said that its view generally on Wolfson has moderated given the changing of the guard.
McCall Aitken added that Mark Cubit and new CEO David Shrigley are more City friendly management team and it now expects headway to be made at Wolfson, as a result.
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