Oops, Evolution got it wrong

There were red faces at Evolution Securities today. Analyst Hugo Mills set a 50p price target for Cattles less than two weeks ago, rating the shares a "speculative buy".

Mills was optimistic that it was "more than likely" Cattles would refinance about £300 million of its £635 million of syndicated bank loans that fall due this year.

He had also expected next week's results to be in line with City expectations.

Numis Securities, which memorably said last December that Cattles was worth either 200p or nothing, issued a new note on Tuesday presciently entitled "Life or Death?"

Numis came up with a target price of just 1p a share but interestingly added that if Cattles survived it could be worth 100p. Numis also argued strongly against Cattles' attempts to get some of the Government's bank bailout money, saying there are still plenty of other subprime lenders out there.