Best of the Brokers for 15 August 2013

Cantor Fitzgerald keeps its “buy” rating and target at 431p following a placing by big investor TA Associates at 350p per share. The broker remains impressed by the fund manager’s cost control and prospects for a dividend.

Canaccord Genuity has upgraded the insurer from “hold” to “buy” and raised its target from 385p to 460p after first-half results. The broker was pleased to see progress on cost cutting and the level of new business in life insurance.

Shore Capital keeps its “buy” recommendation and price target of 451p following half-year results. The broker has upgraded its pre-tax profit forecast for the full year by 4.2 per cent this year and 4.8 per cent next year, to reflect improving productivity levels.