Best of the Brokers for 20 August 2013

INTERSERVE
Liberum thinks outsourcing group Interserve’s interim results last week were ahead of expectations. It reiterated its “buy” rating but stated that it is difficult to foresee much sales progress beyond the expected 2014 margin of 4.8 per cent.

SPIRIT PUB CO
Panmure lifts its target price on Spirit Pub Company to 110p and reiterates its “buy” rating. Panmure expects it to meet forecasts and anticipates a 4.5 per cent like-for-like growth in the managed estate.

HALFORDS
JP Morgan keeps its “overweight” rating and target price of 405p on retailer, following the firm’s new earnings goals. The broker says the targets are underpinned by “the opportunities for growth in the cycle market”.