Software company Autonomy has risen to the top of the FTSE 100 gainers board after upbeat comments from UBS.
The shares are up 2.4% at6 £12.29, having already climbed 2% on Monday after Oppenheimer spent some £16m on upping it stake to 4.21% from 3.6%.
UBS analysts Michael Briest and Chris Grundberg today issued a research note examining the market's reaction to Autonomy's Q2 09 results released in mid-July, which prompted a sharp sell-off in the shares.
They comment that "Autonomy's shares are presently at the bottom-end of their historic trading range". They retain a "buy" recommendation and £14.75 price target, adding:
"The shares are attractively priced and a strong Q3 and decent Q4 guidance could deliver meaningful share price performance we believe."
The wider FTSE 100 is currently down 41.3 points, or 0.9%, at 4,641.2, with Legal & General still the biggest faller, down more than 5%.
