Best of the Brokers for 22 October 2013


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Deutsche Bank has reduced its target price from 1830p to 1780p, while keeping its “ buy” rating on the stock after Anglo American posted a steeper than expected drop in iron ore production last week. The broker believes margins and cash flow at Anglo subsidiary Kumba Iron Ore’s will come under pressure.

Goldman Sachs has lifted its target price from 2181p to 2282p and maintained its “conviction buy” recommendation following the news last week that chief executive Angela Ahrendts is leaving next year. The broker rates Burberry as one of the best positioned luxury brands.

Canaccord Genuity has maintained its “buy” rating and target price of 1500p ahead of what it expects to be a positive trading update from the retailer on 7 November. The broker points out that the group is “materially out performing” its peers and that shares are undervalued.