Best of the Brokers for 03 June 2014

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Numis has upgraded Bellway to “buy” from “add”, with the target price remaining 1,810p. The broker believes that the company will remain prudent with its balanced approach to growth and risk management, while being expected to be at the forefront of revenue and profit growth.

Killik has launched coverage of Ocado with a “buy”, considering that with the decline in its price from a peak of 624p, it now offers a very attractive entry point. The broker believes there will be double digit growth in the online grocery sector by 2020, and that Ocado will benefit.

Berenberg has upgraded its recommendation on Man Group to “hold”, increasing the target price to 90p from 70p. The broker believes the worst is in the past for Man after a large restructuring, and that the pressure on earnings will recede from the end of 2015.