Best of the Brokers for 17 January 2014

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POLYMETAL
UBS has increased its target price on the stock from 590p to 610p and upgraded the miner to “buy”. The broker thinks Polymetal is well positioned to grow free cash flow, now its current project expenditure is complete, and is past the worst of its recent operational issues.

ROYAL MAIL
Beaufort has downgraded Royal Mail from “buy” to “hold” at a price of 615p. While its UK door-step operations continue to deliver as set out during the IPO, the broker thinks there is little excitement left to sustain this, with dull parcel volumes anticipated in the final quarter.