Best of the Brokers for 11 September 2014

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

ROYAL BANK OF SCOTLAND
Investec has upgraded to “hold” from “sell”, and raised the target price to 355p from 340p. Investec expects a no vote in the Scottish referendum to ease recent share underperformance, and continues to expect a gradual recovery across RBS’s core retail and commercial operations.

CENTRICA
Whitman Howard has maintained its “buy” rating, but cut the target price to 416p from 430p. The broker is confident there is strong underlying value in Centrica, as cash generation remains strong, and greater managerial certainty with Ian Conn to take over as chief executive from 2015.

GENUS
Numis has upgraded to “buy” from “hold”, also increasing the target price to 1,287p from 1,000p. The broker believes 2014 full-year results were mixed but in line with expectations, with overall market conditions for Genus’ global customer base now looking generally favourable ahead.