Best of the Brokers for 3 July 2015

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Numis upgraded the outsourcing group from a “reduce” to a “hold” recommendation, following an “encouraging” update. “Though the turnaround will take an extended period, we think the problem contract issues have been contained, and the balance sheet has been de-risked,” the broker said.

WH Ireland reiterated its “buy” rating on the mining firm, after it was granted permission by the North York Moors National Park Authority to move ahead with its Potash Project. The broker increased its target price to 50p, and said: “The next milestones are finalising the feasibility and funding.”

GMP Securities upgraded the oil firm from a “reduce” to a “hold” recommendation after it increased production guidance. The broker noted that, since the fall in the oil price, Tullow has taken “positive actions to safeguard its balance sheet” such as cost-saving initiatives and a dividend suspension.