Best of the Brokers for 23 October 2013

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UBS has moved the steel giant from “buy” to “sell” and dropped its target price from €11.50 to €10.50, after cutting its expectations for the group’s earnings before interest, tax, depreciation and amortisation by nine per cent next year and 8.5 per cent in 2015.

Cantor Fitzgerald has downgraded the British Airways owner from “buy” to “hold” with a target price of 360p, saying that the stock’s recent good run has put it near the broker’s target price, and that full-year consensus could be reduced after the group’s third-quarter earnings.

JP Morgan Cazenove has upped its target on the insurance firm from 132p to 141p and maintained its “overweight” rating. The broker is pleased that the firm’s UK operations have started to turn a corner, with shares trading at a discount to the wider UK non-life insurance sector.