Best of the Brokers for 08 January 2015

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Cantor Fitzgerald reiterated its “buy” rating, following the firm’s announcement that it had placed a work order for Greka drilling to begin work on 30 new well sites. The broker said it was “encouraging” that the company had commenced its 150 well drilling campaign, and retained its target price of 885p.

Oriel initiated coverage with a “buy” rating pointing out that the firm was “not a typical investment” for the oil and gas sector. The broker said two of the firm’s main attractions were the fact it was largely unaffected by global commodity prices and its financially derisked exploration programme in Tanzania.

Panmure Gordon initiated coverage of the company with a “buy” rating, although the broker admitted: “We can think of a thousand reasons not to own Anglo American.” It added that it believed the firm’s shares offered significant value at current levels, and said the company would outperform its peers.