Best of the Brokers for 11 July 2014

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Morgan Stanley has reiterated its “overweight” rating on the insurer, with a target price of 568p. The broker thinks there is scope for further upside as Aviva is in the early stages of a multi-year turnaround, with shares not reflecting its medium term earnings power.

Investec has upgraded the bank to “hold” from “sell”, keeping the target price at 325p. While the broker expects RBS to remain loss-making through 2014-15, with the share price retracing by eight per cent in recent weeks, Investec thinks the risk-reward ratio is marginally skewed to the upside.