Best of the Brokers for 23 March 2015

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GMP Securities reiterated its “reduce” rating on the oil firm. The broker said the company’s high cost base remains a concern but the main risk for the group in the short-term is on execution of its next key project in the North Sea, Alma/Galia, which is scheduled to come on-stream in mid-2015.

Whitman Howard reiterated its “hold” rating on the utilities company. The broker said that while the sector had “drifted off a bit” following the firm’s acceptance of Ofwat’s final determination on pricing, it had now “staged a bit of a rally”, and the company is looking reasonable value for the longer term.

Numis moved the estate agents from a “buy” to an “add” rating, after strong 2014 results and a solid start to 2015. The broker said that while some of the firm’s end markets are expected to remain depressed in 2015, this will be more than offset through growth in UK and US commercial.