Best of the Brokers for 19 May 2015

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Panmure Gordon reiterate its “Sell” rating on the group, with a target price of 880p. Smiths outlook statement will detail higher-than-expected decline in John Crane and Interconnect and a reversal in Flex-Tek, offsetting expected improvement in Medical and Detection.

Shorecap analysts keep Bovis as a buy, with a 1,048p target price. Typical of a first quarter trading update there was little to change the forecast landscape for Bovis. We have no reason at this stage to review our fractionally above consensus PBT forecast.

Numis downgrade the stock to “Reduce” from “Hold”, with a 1,246p target price. The first quarter results were solid, although the waters were muddied by 6 extra selling days and the early Easter holidays. The expected forex 'hit' factor in 2015 has been cut to €140m.