Best of the Brokers for 03 December 2013

To appear in Best of the Brokers, email your research to notes@cityam.com

THOMAS COOK
UBS has cut the travel firm from buy to neutral but raised its target from 180p to 200p. The broker said Thomas Cook had a strong year following cost reductions, which will be ramped up in coming years to give investors a clearer picture of where the firm is heading.

DEBENHAMS
Barclays has lowered its rating from equalweight to underweight and reduced its target price to 80p from 97p. The broker thinks the firm’s increased online sales are cannibalising its store sales, eating into margins. Barclays thinks there will be no share buybacks at Debenhams until at least 2016.