Best of the Brokers for 19 August 2015

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Peel Hunt and cut its rating for Bovis from “buy” to “hold” and kept its target price of 1,162p. The broker said the housebuilder’s half-year results, published earlier this week, indicated that the interims would show very little growth and said there are unlikely to be upgrades to forecasts.

Espirito Santo has maintained its “buy” recommendation and increased its fair value target by 11 per cent to 400 Swedish krona following a better-than-expected trading update this week. It expects to see some gross margin recovery due to the recent weakening of the Chinese currency.

Derwent’s strong interims last week has prompted Canaccord Genuity to hike its target price to 4,307p from 4,162p and reiterate “buy”. The broker said the firm’s investment portfolio was being “future-proofed by high quality lettings” while its development pipeline was a likely source of strong returns.