Investment: Sharewatch

BUY

Scottish & Southern Energy is fundamentally undervalued, argues Salom Smith Barney, which notes the shares (563p) are trading at about a 20 per cent discount to their sum-of-the-parts valuation. SSE is graded as a low-risk buy, with a price target of 693p. Investec Henderson Crosthwaite has moved Flextech (775p) back to a buy from hold after the full-year results and confirmation of additional investment in new digital interactive services Henderson has raised its target price from 705p to 850p.

SELL

Stanley Leisure (276p) says Charterhouse, pointing out that prospects in both the provincial casino market and the London high-roller market remain bleak. On a prospective p/e multiple of 17.4 and a p/e premium of 19 per cent to the sector, the shares still look too high, adds Charterhouse.

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Investment: Sharewatch

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