<strong>LADBROKES</strong><br />Barclays Capital is not convinced that Ladbroke’s overseas investment will give a particularly high return compared to peer William Hill’s online expansion. However, the broker believes the group is well-run and cash generative, with a high dividend yield. It initiated coverage of the stock with an “equal weight” rating.<br /><br /><strong>KCOM GROUP</strong><br />KCOM’s results show strong cost control and cash flow, said Investec, with excellent working capital management. The broker said that fears over the breaching of debt covenants have receded and operational metrics are better than forecast. The analysts recommend investors “hold” the stock and is reviewing its 16p target price.<br /><br /><strong>ANGLO AMERICAN</strong><br />Goldman Sachs believes there is a potential 45 per cent upside to its increased 12-month price target of 2,578p for Anglo American, and it sees the miner’s profile as the most attractive in its mining coverage. Anglo remains a “conviction buy” and is an “outperform” on the broker’s UK relative value list.