Ahead of next week’s trading update, we downgrade our forecasts by double digits but upgrade our recommendation to BUY. In doing so, we take a cautious view of the outlook for oilfield and consumer electronics sales without forgetting the Group’s impressive long term record of innovation and growth. The outlook for FY17 is not straightforward as the threat of new competitive capacity is balanced against a potentially material currency tailwind. We conclude that consensus forecasts may have some ....
