Best of the Brokers for 29 July 2014

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Barclays keeps its valuation at “equal weight” despite the ongoing tough competitive backdrop and volatile consumer demand for the Irn Bru maker. Recent good weather and ongoing strong execution should mean AG Barr is set to deliver high single-digit growth.

Winterflood says that these were a disappointing set of results for Alliance Trust which, by chief executive Katherine Garrett Cox’s own admission, are not where they want to be. Winterflood still struggles to identify reasons to “buy” Alliance Trust at present.

Deutsche Bank maintains its “buy” status after exploration successes in Brazil and Australia. With management now looking to realise the latent long term value in the business we value BG at a 20 per cent discount to our estimate of its 1,750p asset value or 1,400p.