Best of the Brokers for 23 May 2014

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UBS has kept its “neutral” rating for the high street shop, but cut its target from 475p to 465p after this week’s results, which were slightly better than expected. The broker thinks M&S’s three-year recovery plan has been disappointing so far, with non-food margins lagging far behind peers.

Numis tells investors to “buy” the plastic pipes specialist and has a target price of 300p. The broker thinks Polypipe is “considerably more profitable than its competitors” and its growth will accelerate as the UK construction industry gets sturdier.

Shore Capital thinks the lender is worth a “buy” at 379p following strong half-year results this week. The broker is cheered by Paragon’s growing buy-to-let volumes and its investment in new loan portfolios, bringing more diversity to the business.