Best of the Brokers for 29 September 2014

To appear in Best of the Brokers, email your research to

Deutsche Bank has upgraded to “Buy” from “Hold”, and raised the target price to 270p from 245p. The broker thinks overly negative market sentiment towards Balfour provides a buying opportunity, and Balfour’s sale of Parsons Brinckerhoff will help address balance sheet concerns.

Investec has downgraded to “Hold” from “Buy”, with the target price cut to 600p from 915p. The broker cut its forecasts after the profit warning from De La Rue, and believes it highlights further deterioration in banknote print and paper pricing and weak identity systems demand.

Canaccord Genuity has maintained its “Buy” rating, but lowered the target price to 282p from 305p. The broker believes Direct Line Group achieved a very good price on the disposal of its international division, and thinks that it should allow an additional special dividend ahead.