Best of the Brokers for 18 December 2014

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

TRICORN GROUP
Westhouse reiterated its “buy” rating following news that the firm has won a five-year £10m contract with Maxpower. The broker said the deal “helps to provide a solid underpinning to our forecasts as well as acting as a strong reference client”.

PHOENIX
Canaccord Genuity reiterated its “buy” rating. The broker said the planned debt refinancing and an investment grade credit rating “will put Phoenix in a better position to do M&A”. According to the broker a deal is likely in the medium term, and is expected in the second half of 2015.

XAAR
Numis reiterated its “hold” rating after the company’s trading update, which was released ahead of schedule. The report highlighted that Xaar “expects the 2014 performance to be ahead of consensus expectations”. The broker is expecting a “large reduction in profits next year”.