Best of the Brokers for 18 October 2013

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UBS has cut its rating from “buy” to “neutral” and trimmed its target from 410p to 400p following a strong run for the shares. The broker thinks now is a good time to take profits, given that the disruption in Egypt could dent short-term booking numbers.
Panmure Gordon keeps its “buy” recommendation and 741p target on the asset manager ahead of a trading update next Thursday. The broker expects sales to be up more than 21 per cent in the first nine months of the year, while the improving stock markets should prompt an upbeat outlook.

S&P Equity Research downgrades the insurer from “hold” to “sell” with a target of 420p, arguing that the recent share price rises coupled with a 27 per cent cut to the dividend mean the stock is not worth keeping. The analysts also think structural cost savings will take some time to achieve.