The week ahead: Improved Tesco is back in favour

Today

Construction firm Balfour Beatty will be trying to alleviate analysts' fears at an investor day. The engineering-to-construction group issued a profit warning at its third-quarter update recently, so analysts will want to hear how it is correcting problems in its European rail and UK construction businesses. Numis Securities' Howard Seymour said: "Coming ahead of the Autumn Statement it will be difficult to be emphatic on the outlook for government spending, but self-help measures should be a key component of the day."

Results/Updates: Evocutis.

Tomorrow

The record wet summer did nothing to dampen the spirits of beer drinkers at Greene King's pubs. Its half-year results are expected to include profits up by 7 per cent. Numis Securities analysts are forecasting pre-tax profit of £82.6m. They expect its managed pub trade, which makes up 62 per cent of group profit, to be strong and margins to be up slightly. But Numis has kept its rating of the group at hold with a share-price target of 650p.

Results/Updates: Anite, Dolphin Capital, ITE, Northgate, Reneuron Group, TUI Travel, Vianet Group.

Wednesday

Tesco is finding some fans again. It fell out of favour with investors after a profit warning, but analysts are starting to fancy it again ahead of its management statement on Wednesday.

Jefferies' scribes think it is time to buy Tesco, and have given it a 400p share-price target. They said: "As we move into 2013, its UK stores look much improved. A return to earnings growth and sharply stronger cash generation should be a useful valuation driver in the coming year." Panmure Gordon's Philip Dorgan also rates it a buy and gives a target price of 440p.

Results/Updates: Brewin Dolphin, First Property Group, Innovation Group, Jelf, Numis, Sage Group, Stagecoach Group.

Thursday

The luxury-goods sector has had its ups and downs as fears of a slowdown in the Chinese market caused growth to falter. The Somerset-based bag maker Mulberry has been trying to pitch itself more upmarket, and in the process has lost sales. The news sent its share price south in October. On Thursday it will update the market with its half-year results, and with better news coming out of China, a key area for growth for the brand, analysts expect a clearer indication of margins.

Barclays' luxury lover Helen Norris remains positive on the long-term expansion of the brand internationally, but warns that the Christmas trading will be the true test. She gives it a hold rating and a price target of 1,250p.

Shares in luxury-goods brands have outshone retailers in the past year, according to the trading house Banc De Binary. Luxury retailers' shares outperformed both mid-market and budget retailers with luxury up 16 per cent, compared to 11 per cent for the mid-market sector over the year.

Results/Updates: Caretech, DS Smith, Falkland Islands, Graphite Enterprise, Intertek Group, Micro Focus International, OMG, Premier Farnell, PZ Cussons, Standard Chartered.

Friday

Attention turns to bricks and mortar as housebuilders Berkeley Group and Bellway Homes update the market. Numis Securities' analysts expect solid half-year results from Berkeley and rate it a buy with a price target of 1,650p. The south-east housing market is still booming, and Berkeley has been reaping the rewards.

Numis's Chris Millington thinks Berkeley is "one of the most attractive housebuilders given that its margins have the potential to rise significantly". But he is less keen on Bellway. He gives it a hold rating with a price target of 1,012p and said: "The shares are unlikely to rise materially … in the short term until we get more clarity over the 2013 Spring selling season."

Results/Updates: Polar Capital Holdings.

Economics Diary

Today

Lloyds Business Barometer, Manufacturing Purchasing Managers' Index, 10-year and 30-year Bond Auction, British Retail Consortium Sales Monitor, EU Retail Sales.

Tomorrow

Construction Purchasing Managers' Index, British Retail Consortium Shop Price Index, ECOFIN Meetings.

Wednesday

Autumn Statement, UK Services Purchasing Managers' Index, EU Unemployment Rate, US Factory Orders.

Thursday

UK Trade Balance, Asset Purchase Facility; Monetary Policy Committee Rate Statement, Official Bank Rate, European Central Bank Press Conference, US Job Cuts Update, US Unemployment Claims.

Friday

UK Manufacturing Production, UK Consumer Inflation Expectations, UK Industrial Production, US Non-Farm Payrolls.

Start your day with The Independent, sign up for daily news emails
News
newsAnother week, another dress controversy on the internet
Life and Style
Scientist have developed a test which predicts whether you'll live for another ten years
health
Life and Style
Marie had fake ID, in the name of Johanna Koch, after she evaded capture by the Nazis in wartime Berlin
historyOne woman's secret life as a Jew in wartime Berlin
News
news... and what your reaction to the creatures above says about you
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Day In a Page

Syrian conflict is the world's first 'climate change war', say scientists, but it won't be the last one

Climate change key in Syrian conflict

And it will trigger more war in future
How I outwitted the Gestapo

How I outwitted the Gestapo

My life as a Jew in wartime Berlin
The nation's favourite animal revealed

The nation's favourite animal revealed

Women like cuddly creatures whilst men like creepy-crawlies
Is this the way to get young people to vote?

Getting young people to vote

From #VOTESELFISH to Bite the Ballot
Poldark star Heida Reed: 'I don't think a single bodice gets ripped'

Poldark star Heida Reed

'I don't think a single bodice gets ripped'
The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn