Best of the Brokers for 31 July 2015

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Besi Research downgraded the insurance company from a “buy” to a “neutral” rating after its interim results on Wednesday. The broker updated its estimates, “mainly for a reduction in gross written premiums”, and said: “Growth is certainly proving challenging given Lancashire’s traditional focus.”

Shore Capital downgraded the house builder from a “buy” to a “hold” rating, on the basis that “the share price is now looking rather full against our fair value estimate”. The broker added: “If we begin to see strategic moves that can add earnings vitality, we would be happy to re-appraise our stance.”

Jefferies reiterated its “buy” recommendation on the manufacturer, and said medium term attractions still remain. The broker added: “Though we have reduced our estimates for 2015 and 2016, our valuation doesn’t move... and we continue to believe in the longer term equity story.”