Best of the Brokers for 29 May 2014

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Berenberg has downgraded Vodafone to “hold” from “buy”, reducing the target price to 214p from 265p as a result of higher pressure on margins and sharply reduced prospects of an offer from AT&T. The broker said that the reduction in price target means there is little room for upside in the share price.

Numis has raised its rating on the heavily indebted pub chain from “sell” to “hold” to reflect the falling share price, which has taken Punch down to the broker’s 10p target. Numis thinks any chance of a better deal with bondholders is “materially outweighed” by the dire consequences of failure.