Best of the Brokers for 29 August 2014
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N BROWN GROUP
Investec has kept a “buy” rating, but cut the target price to 520p from 550p. The broker thinks while there are a plethora of new initiatives, the benefits from the implementation of a more retail and marketing-led trading strategy are unlikely to kick start sales until the third quarter.
MAN GROUP
Canaccord Genuity has cut to “hold” from “buy”, but upped the target price to 120p from 115p. The broker notes margins at Man Group have fallen recently, and that weaker overall performance in its GLG subsidiary could lead to a more muted pace of net inflows in the second half of the year.
TESCO
Deutsche Bank has downgraded to “hold” from “buy”, with the target price also cut to 280p from 313p. The broker thinks new management at Tesco introduces the possibility for a change in strategy, but with low visibility currently as to potential changes and their implications for now.