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With relatively high gearing and likely further asset write-downs, we maintain our sell recommendation on Barratt and our 44p target price".
Lakis Athanasiou at Evolution Securities, who has a buy recommendation and a 460p price target, said: "Price falls in International Power have been fuelled by two fallacies: one, that it faces refinancing/financial risk because of high gearing.
The steel industry's largest producer, the combined ArcelorMittal, has high gearing in part due to its cash-and-stock-financed merger, and the sixth-biggest producer, India's Tata Steel, is burdened by the leveraged takeover of its Anglo-Dutch peer, Corus.
"That is pretty high gearing even for banks".
The low rotational speed characteristic for the high-bladed turbine requires a high gearing ratio for the mechanical transmission system.
Similar(55)
"Lew went into high gear," Smith recalled.
He kicked into high gear.
The Arrow program moved into high gear.
When do you shift into high gear?
"Clearly the economy is moving into high gear," he said.
By then the tragically practiced routine was in high gear.
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