Best of the Brokers for 15 April 2015

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WM MORRISON
Shore Capital said it welcomed the speedy shake-up in management under new chief executive David Potts and reiterated his “buy” rating with a target price of 200p. He said Morrisons was on track to become a more “shareholder-friendly” stock before its supermarket peers.

TULLOW OIL
Citi issued a bullish note on Tullow yesterday and raised its rating from “neutral” to “buy”. It also lifted its price target from 406p to 433p. The bank said concerns around Tullow's balance sheet and timing of the TEN development off the coast of Ghana are more than discounted in the current valuation.

WH SMITH
Espirito Santo initiated coverage on WH Smith a “buy” rating and a fair value of 1550p. The broker believes chief executive Steve Clarke has moved the business onto a different model, with less vulnerability to operational gearing and a greater capability for generating cash.