Best of the Brokers for 22 January 2014

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Berenberg rates the insurer a sell with a price target of 1,080p. The broker thinks the motor insurance sector is not likely to see a rise in premiums soon, and that Admiral will not enjoy a boost from an eventual rise in interest rates like its rivals.

Espirito Santo keeps its buy rating on the business software group and raises its fair value from 400p to 480p. The chance to cross-sell to existing customers could help drive revenue growth of six per cent a year over the long-term, the broker reckons.