Best of the Brokers for 16 August 2013

MICHAEL PAGE
Oriel upgrades Michael Page to add from hold despite its first half results on Tuesday which showed an 11.4 per cent fall in first half pre-tax profits. Oriel expects recent upbeat economic data to feed through into Michael Page’s markets.

FERREXPO
Investec lifts its target price to 201p from on iron ore producer Ferrexpo and reiterates its buy rating. It says its recent first half results demonstrate progress. It also believes Ferrexpo could get $300m back in VAT reimbursements from Ukraine, which could add eight per cent to its valuation.

NORTHGATE
N+1 Singer ups its target price on commercial van hire firm Northgate to 450p and reiterates its buy rating. It expects the improving economic outlook in both the UK and Spain means the group is primed for recovery. “In our view the shares offer good value,” it says.