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STOCKS NEWS UK-Morse leaps on outlook, cash position
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08:21GMT 03Jul2009-Morse (LSE: MOR.L - news) leaps on outlook, cash position
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Shares in Morse Plc jump 25 percent after the British IT consultancy group forecasts full year revenue and adjusted earnings before interest and tax (EBIT) from continuing operations at the upper end of analysts' view and says it has 12.7 million pounds in cash on hand.
'We are moving from 'hold' to 'buy' following news that Morse cash is far, far better than expected at 12 million pounds - we had anticipated 3.4 million pounds,' analysts at Panmure Gordon say.
The brokerage, which also raises its price target on Morse's stock to 22 pence from 10.5 pence, says the operating profit outturn for the year will be dependent upon the conversion of the company's sales pipeline.
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