Merrill Lynch Quotes on Business & Commerce (7 Quotes)

We believe UPS is the most financially fit, well managed parcel company and, in our opinion, one of the quality management bets in the industry.

Questions remain about the sustainability of the turnaround at Fiat Auto and profitability of underlying business, in the absence of further exception items (like assets sales and the GM one off gain).

Although the bookies were due a run of better form ... we remain concerned about the underlying structural issues at work within the industry.

Technology, demographics and industry consolidation are driving profound changes in the private-client business.

We remain cognizant of the fact that in an industry which is currently operating at full capacity to meet demand, any significant curtailment of production would be difficult to make up.

Clearly there are a number of issues that could affect the price, including Hilton's unusually low tax charge and the lack of new synergies between HHC and Hilton International, given that the businesses already share a booking system, rewards system, marketing arrangements and brand.

Management believes the group can generate half of its profits from outside the U.K. within three years from the current portfolio of businesses - we think highlights the strong organic growth possibilities within the business.