Best of the Brokers for 10 November 2014

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Cannacord Genuity has cut its rating to a “sell” with a target price of 440p. It said the company faced “myriad headwinds as it restructures in difficult markets” and that “management flagged it anticipated further writedowns on deferred tax assets”.

Westhouse Securities maintained its “add” rating following a solid third-quarter operational performance, with production in line to achieve 2014 guidance. “We remain positive on the stock, but following revisions to our gold price forecasts we have reduced our target price to 4,450p from 5,000p.”

Numis has reiterated its “hold” rating with its target price boosted from 430p to 482p to reflect the superior attractions of the future group after the sale of its dairies to Muller. Numis added that “the potential emergence of ‘bid spec’ could easily see the shares at 500p+”.