Best of the Brokers for 13 January 2014

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UBS has started covering the pharmaceutical giant with a “buy” rating and a target price or 4,000p. The broker thinks AZ’s earnings outlook is tough until 2017 as the firm prioritises investment, but thinks this will store up a strong pipeline of products.

Canaccord Genuity keep its “buy” recommendation and shifts its target from 450p to 500p following Cineworld’s plan to take over Cinema City. The broker sees the tie-up as an ambitious way to boost earnings while keeping debts at manageable levels.

Peel Hunt tells investors to “hold” shares in the asset manager and has a target of 1,000p ahead of the firm’s pricing update on Wednesday. Despite the uncertainty around Hargreaves’ new client fees, the broker expects plenty of new business in the wake of the Retail Distribution Review.