Best of the Brokers for 09 December 2013

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PENNON GROUP
Barclays has upgraded the group to “overweight” with a target price of 730p after deciding the business would deliver compound dividend growth of seven per cent a year up until 2020. Analyst said this was due to new visibility from its water business plan.

AVIVA
Deutsche Bank has resumed coverage of the insurer with a “hold” rating after Aviva announced plans for another restructuring. Analysts have slapped a 430p target price on the company, a little high than where the firm is currently trading.

CARPHONE WAREHOUSE
Brokers at Numis have re-initiated coverage of the Carphone Warehouse, with an “add” rating and target price of 325p. Analysts said the current price did not reflect improving conditions in its core market.