Best of the Brokers for 12 January 2015

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Numis reiterated its “buy” rating following a “very satisfactory” full year update. The broker noted that “everything is on track”, including the firm’s Tesco-related expansion, and pointed to good progress in its Australian joint venture. Target price is unchanged at 549p.

WH Ireland reiterated its “buy” rating. The broker said the firm’s strong business base and “good track record under an effective management team” mean it is a good time to invest, and also highlighted the company’s involvement in strong UK projects.

Panmure Gordon reiterated its “buy” rating and said it foresees flat earnings per share in 2015, with a “return to good growth” from 2016 on. The broker stated that the bear case on stock is too cautious and said the current valuation fails to capture the “defensive quality” of the business.