Best of the Brokers for 25 July 2014

To appear in Best of the Brokers, email your research to notes@cityam.com

KAZAKHMYS
Deutsche Bank has upped to “hold” from “sell”, also raising the target price to 310p from 201p. The broker believes the planned disposal of its mature assets will create significant value for the group, and will lead to a higher margin, higher growth company for lower cost than expected.

RENISHAW
UBS has kept its “neutral” rating, upping the target price to 1,850p from 1,700p. The broker thinks Renishaw has been firing on all cylinders recently, but that its investment policy will leave a large cost base, and currency headwinds will impact, too, with significant margin expansion unlikely.