ABN Amro has issued a fresh batch of stock recommendations for investors. These include Elan, AIB, Bank of Ireland, Baltimore Technologies, Smurfit, Iona, Anglo Irish Bank, Jurys, Barlo and Grafton.
The brokers remain very positive about the prospects for Elan, particularly given its extensive product pipeline. The first draft of the human genome map issued last month creates a strong technical position for pharmaceutical stocks in general which should benefit Elan. It is also close to launching its chronic pain relief drug Zinconotide, forecast to happen by year-end. Its recent acquisition of Segix Itaia is also a positive development.
On the banking side, ABN Amro highlights the low valuations of AIB, Bank of Ireland and Anglo Irish Bank. AIB will issue interim figures next month which the market hopes will signal good progress at the bank.
While Bank of Ireland continues to report robust underlying trading, it is now the cheapest of the large capitalised banks in Europe. ABN Amro highlights the low Anglo Irish Bank share price but it cautions that investors need some update on the company's long-term strategic plans following the collapse of merger negotiations with First Active.
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