Best of the Brokers for 01 November 2013

NOKIA
UBS keeps its neutral rating on the telecoms group and hikes its target price from €4.60 to €5.40. The broker is upbeat about Nokia’s margin progress but thinks it will take time to grow revenues from licencing.

FERREXPO
Cantor Fitzgerald reiterates a buy stance for Swiss iron-ore producer but has cut its target from 290p to 250p. While the broker has trimmed its output forecasts after an update from the company, it believes the shares remain good value based on long-term production growth.

BARCLAYS
Berenberg keeps its sell stance and 220p price target following Barclays’ quarterly results. The broker suggests that the universal banking model is no longer in Barclays’ best interest, and believes the firm could move towards a split from investment banking.