Best of the Brokers for 25 June 2015

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LADBROKES
Numis raised its recommendation on the betting shop company from a “reduce” to a “hold”, citing the fact that “it appears that half the gambling sector is involved in, or has been contemplating, M&A”. However, the broker said it is “sitting out” until all outcomes become clearer.

GLAXOSMITHKLINE
Accendo Markets issued a “buy” rating on the pharma group, noting that Pfizer has agreed to acquire meningitis vaccines from GSK for about $130m (£83m) which would gain GSK regulatory approval for a deal to buy Novartis’ vaccines business – giving the firm a bigger global foothold.

TULLOW OIL
Cantor Fitzgerald reiterated its “sell” rating on the oil firm and reduced target price from 342p to 328p, after a disappointing update on the group’s Norwegian Sea project. The Zumba exploration well in the region has not encountered hydrocarbons and will now be plugged and abandoned.