Best of the Brokers for 10 July 2015

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Berenberg has upgraded Smith & Nephew to “buy” from “hold” and reiterated a target price of 12.75p. The broker said the recent pullback in shares has created an attractive entry point, combined with the fact that a “sustained period of double-digit earnings growth” lies ahead for the firm.

Whitman Howard has put its target price under review after George Osborne announced the removal of the climate change levy exemption in the Budget yesterday, hitting Drax’s shares. The broker, however, reiterated its “buy” rating as it believes the stock still contains good long term value.

Panmure Gordon has kept its “buy” rating and 944p target price after Great Portland delivered a better-than-expected trading update yesterday, driven by buoyant lettings conditions. The developer is on track to meet Panmure’s forecasts for 15 per cent growth in net rental income this year.