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Analyst Alex Magni said: Despite weak 2013 results and material foreign exchange headwinds, G4S has rebounded to its peak PE rating.
Summer trading should be strong (despite foreign exchange headwinds on the revenue line), and September's capital markets day could act as a catalyst.
We remain cautious, however, given the low-growth markets in which Halfords operates, foreign exchange headwinds and cost pressure driven by its aspirations to grow into the premium cycling market".
Belatedly marking to market for foreign exchange, we downgrade 2016 earnings per share estimates by 4% which means waiting to 2017 until we see a meaningful earnings bounce-back, assuming foreign exchange headwinds don't get in the way again.
Jefferies said: Hikma's adjusted first half was solid driven by blow-out US margins; impressive given the tough base comp and foreign exchange headwinds, which had been well-flagged.
Industry trends have not been supportive: i) UK Mail has flagged market wide parcels weakness, ii) foreign exchange headwinds in international parcels are persisting, iii) there is well flagged competitive pressure from Whistl (previously TNT Post UK) and iv) trading at [European parcel delivery business] GLS could further disappoint – TNT Express profit warning providing some context.
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Meanwhile analysts at Barclays raised their target price from £11.75 to £12.20, albeit with an equal weight recommendation, saying: The early signs of gradual underlying improvement in many of CCH's markets, €44m of self-help in 2015, and an abating foreign exchange headwind have provided some recent support to the stock.
Two-thirds of the company's revenue comes from outside the United States, making foreign exchange rates a major headwind for Apple, Cook said.
UBS analyst Neil Currie recalls management's caution regarding second-quarter headwinds from foreign exchange rates and strong year-ago sales resulting from the 2008 stimulus.
During the company's conference call later in the day, Ballmer said that the personal computer market will "remain weak" in the second half of the year, and sees headwinds due to foreign exchange, according to TradeTheNews.com.
Foreign exchange rates continued to be a huge headwind for the company, so much so that Apple specifically called it out in its earnings presentation.
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