Best of the Brokers for 16 June 2014

To appear in Best of the Brokers, email your research to notes@cityam.com

BAE SYSTEMS
Standard and Poor’s has increased its rating to “hold” from “sell” on BAE Systems, also raising the target price to 450p from 380p. The broker believes cash flow improvement through 2015 will drive growth in earnings per share, and that BAE has done well to reduce its risk profile.

SEPURA
Westhouse has maintained its “buy” rating for Sepura, while increasing the target price to 170p from 160p. With management at the company expressing a more confident outlook, the broker believes that there is likely further upside on the share price’s respectable performance.