Davy Stockbrokers is forecasting upside for investors with shares in Independent Newspapers. The shares have made a partial recovery this year following a sharp decline in 1998. Davy says that with Irish advertising remaining buoyant, New Zealand bottoming out, and sizeable cost savings budgeted over the next three years, it expects the group can achieve earnings growth of around 15 per cent over the next few years.

The brokers believe the share price should move ahead as the outlook for 1999 and beyond comes into sharper focus and could well test 500 cents over the coming months.