Best of the Brokers for 23 April 2015

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ASSOCIATED BRITISH FOODS
Shore Capital reiterated its “hold” rating on the food processing group, which owns Primark. The broker predicts that downward pressure on Primark’s margins will continue, but added: “Primark’s progress has never been, and should never be expected to be a smooth trajectory.”

CENTRICA
Whitman Howard reiterated its “buy” rating on the utilities firm, citing the company’s figures for 2014 which were “towards the bottom end of expectations”. The broker added that “more disappointing was the rebasing of the dividend and the lowering of expectations” for 2015.

SAVILLS
Numis reiterated its “add” rating on the property group, after its acquisition of rural specialist Smiths Gore. The broker said: “Not only should this enhance earnings but it should also give the group opportunities to cross-fertilise relationships and services.” Target price increased to 962p.