Best of the Brokers for 18 June 2013

UBS upgrades the copper mining group to “buy” from “hold” but reduces its target price to 1,050p from 1,140p. The broker cites recent share weakness as an incentive for the rating upgrade and thinks the group is well positioned for the current uncertain market with its low-cost model and conservative management. UBS also believes that the group could significantly increase its production long term.

Numis Securities downgrades its rating for the chip manufacturer to “reduce” from “hold” and lowers its a target price to 700p from 920p. The broker forecasts an increase in rival Intel’s share of the smartphone and tablet market with the introduction of competitive chips. Numis thinks consensus figures are too optimistic and reduces its earnings per share forecasts for the next three years by at least 10 per cent.

Canaccord Genuity inititates coverage of the technology company with a “hold” rating and a target price of 420p. Following the sale of its retail business to Siemens for £1.7bn, the firm that provides software and automation capacity has significantly re-rated due to market speculation of a possible take-over.