Northbridge’s performance for 2015 was in line with our expectations as continued revenue declines, particularly in higher margin rental business, were countered by deep cost cutting. We expect this trend to continue in 2016 - 17 and have cut our sales and profit estimates. However, we believe Northbridge has strong market positions and the cost cutting should mean that, when demand does revive, earnings will rebound significantly. We have cut our target price from 223p to 142p (+67%) b ....