Best of the Brokers for 20 December 2013

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XCHANGING
Panmure Gordon has picked the IT and outsourcing firm as one of its top picks for 2014, with a buy rating and 190p target, up from 160p. The broker thinks Xchanging will start to show underlying growth next year after several years of restructuring and asset sales.

BTG GROUP
N+1 Singer has started covering the medical treatments maker with a sell rating and 490p price target. The broker thinks BTG’s strategy of expanding into new countries and products as risky and expensive, with the firm relying on regulatory approval and recent acquisitions.