Best of the Brokers for 08 October 2013

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HOCHSCHILD
UBS has upgraded the mining firm from “neutral” to “buy” and lowered its target price on the stock from 225p to 220p after its acquisition of a minority interest in the Pallancata mine and the Inmaculada project, the broker says it is now a riskier investment but the risk/reward profile is more compelling.

TATE & LYLE
Numis has maintained its “hold” rating on the sweetener group but has lowered its target price slightly to 878p after a briefing last Friday afternoon. The broker has revisited its estimates and trims full-year projections by £4m to £349m.

DEUTSCHE BANK
Canaccord Genuity has downgraded the German bank from “buy” to “hold’, saying that though shares remaining cheap versus the sector, it sees no near-term catalysts that would enable a re-rate. The broker also says new management have failed to fully exploit the opportunity to restructure the bank.