Best of the Brokers for 18 August 2015

To appear in Best of the Brokers, email your research to notes@cityam.com

JUPITER FUND MANAGEMENT
Shore Capital has retained its “sell” rating for Jupiter. It said that a “surprise £12.8m performance fee slightly flattered what were good underlying results, with adjusted earnings per share up 14 per cent [eight per cent excluding the performance fee, which is not expected to repeat]”.

UBM
Numis retains its “hold” rating with a target price of 550p – up from the current price of 520p. “Whilst UBM’s valuation is by no means aggressive, we see a number of company-specific risks as we move through [the second half of] 2015 and into 2016,” said UBM.

CAIRN ENERGY
GMP Securities believes that Cairn remains well funded with net cash position expected at $700m. “Uncertainty remains around timing of any resolution of the Indian tax issue relating to its minority 10 per cent stake in Cairn India,” it said. “But an early settlement could provide a positive catalyst.”