Best of the Brokers for 11 July 2013

Exane BNP Paribas has upgraded the supermarket group from “neutral” to “outperform” and raised its target price from 365p to 385p. The broker said Tesco was acting quickly to increase its appeal and “moving at pace to refresh its offer, make hypermarkets more relevant and improve its brand”.

Investec said it has chosen to “keep faith” and keep its “buy” stance and target price of 95p ahead of the group’s half year results on 23 July. Premier Foods’ shares have almost halved since the change of chief executive in January and the broker said the results will need to impress for shares to rebound.

Credit Suisse said with the housing market showing accelerating growth momentum, it has decided to reiterate “outperform” and raise its target price from 510p to 700p. The bank expects Countrywide’s cash flow to improve over the next few years and sees strong potential for higher share holder returns.