Best of the brokers for 13 September 2013

Betfair retains its ‘hold’ rating after an encouraging interim management statement, with a target price of £9.45. Active UK customers have increased by 26 per cent in August, and international markets have performed ahead of expectations even where investment has ceased.

Citi research downgrades Melrose to ‘neutral’, but raised its target price slightly to £3.05 from £2.95 previously. Melrose’s outperformance of the FTSE and strong results in the first half of the year are noted, but it believes near-term performance is now priced in.

After a doubling in share prices since June, and after positive results in the first half, Investec has moved its ‘buy’ rating to ‘hold’, citing the likely need for refinancing. Investec also raised its target price to 160p.