Best of the Brokers for 11 October 2013

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ASHTEAD
Numis has upgraded the equipment rental firm from “hold” to “add” with a target of 670p, after the shares lagged the rest of the market by 15 per cent in the last quarter. The broker is impressed by the group’s US business expanding despite low construction activity in the country.

MAJESTIC WINE
N+1 Singer has started covering the wine merchant with a “buy” rating and a 590p price target. The broker thinks Majestic could comfortably double its business-to-business sales while expanding its stores and online offering.

REED ELSEVIER
UBS keeps its “neutral” rating on the publishing group but raises its target from 770p to 820p to reflect better longer-term prospects, in spite of the US government shutdown and currency movements currently weighing on earnings.