Best of the Brokers for 25 October 2013

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Panmure Gordon has switched its recommendation from ‘sell’ to ‘hold’ for the famous British producer of sweeteners and starches, yet the target price remains at 750p. The discount to its peer group has widened to around nine per cent from two per cent back in May, Panmure said.

S&P Capital has slashed its target price on the Spanish energy giant to €3.21 from €3.34 while maintaining its ‘sell’ rating. Regulatory changes in Spain and the UK will impact the firm’s profits as well as a drought in Brazil and adverse exchange rate movements, S&P said.

Liberum Capital has upgraded the oil giant from ‘sell’ to ‘hold’, although its target price stays at 300p. “There could be upside to this from successful Luno appraisal or progress with Block A Aceh,” it said, yet also warned that development projects could limit leverage to new ventures.