Best of the Brokers for 12 September 2014

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Numis has upgraded to "buy" from "add", but cut the target price to 1,630p from 1,720p. Numis thinks fears of margin pressure are somewhat overdone, as Admiral says it is putting through rate increases in the UK, with medium-term growth opportunity from UK and international expansion.

Westhouse Securities has reduced to "neutral" from "add", and cut the target price to 320p from 350p. The broker thinks after shareholder approval for a restructuring, the new Kaz Minerals will be a leaner company, with success reliant on delivery of the Bozshakol and Aktogay projects.