Just opened a long on REL.

Had a few broker upgrades of late and chart looks solid.

Fundys look solid aswel.

UBS morning note fri 7/9/2012

Key Calls - Europe Nick Nelson............................ +44-20-756 81960
C.hanges to Key Calls

Add Reed Elsevier NV

We add Reed Elsevier NV to the European Key Call list. We believe that there are now clearer
signs that the transformation underway at Reed Elsevier in recent years should allow it to
deliver higher quality, resilient revenue, earnings and cash flow growth. In essence, the steps
taken by senior management (be they restructuring or investment) are starting to deliver returns
in terms of performance, and this should lead to greater returns for investors. In our view, this
accelerating growth, and these improving returns, should justify a substantially higher valuation
than the company currently attracts. We believe both the plc and NV lines offer scope for
substantial outperformance, but we would advocate the NV over the plc, given the plc’s
p.remium to NV is near all-time highs at 11%. Cash returns – potential 7-8% annual cash yield
Management recently announced that the proceeds from the Reed Business Information (RBI)
disposals would be used for share buybacks – providing an indication of its likely strategy to
maintain group leverage when it falls below 1.5x from 2013. Re-levering to that level in 2014
could add c9% to long-term earnings, or it could be maintained through smaller annual
buybacks of £400-500m (3-4% of equity, a total 7-8% cash yield). For further details please see
“.Reed Elsevier: Delivering returns” – Alastair Reid, 6 September 2012.

UBS has raised its target price for Reed Elsevier from 770p to 790p and reiterated its 'buy' rating for the stock ahead of the publishing and exhibitions group's full-year results later this month.

The broker said that cash returns are "accelerating" and there could be an announcement of an ongoing buy-back programme of up to £400m per annum to maintain leverage.

REL

SP broken through ceiling of a downward trend channel looks very positive for the future, Targeting 300p as first point of call in the turnaround here.

21 May Reed Elsevier PLC REL Deutsche Bank Buy 0.00 767.50 790.00 820.00 Reiterates

SP Target 820p.

REL

Technicaly looking very bullish here the chart......