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BEST OF THE BROKERS

PUNCH TAVERNS
Numis Securities has issued a “buy” recommendation on Punch Taverns. It believes Punch’s shares have been overlooked by the market in recent weeks, and thinks they are well placed to outperform as the company stabilises average pub profitability in the second half of the year. Says first half results on 11 April should indicate progress.

TRINITY MIRROR
Morgan Stanley reiterates its “equal-weight” rating on Trinity Mirror as it raises its target price to 190p from 175p to reflect higher forecasts. Despite the increase, says the shares deserve to trade at a discount because Trinity still faces material longer-term structural challenges that limit revenue growth potential.

IMMARSAT
Nomura Equity Research recommends investors “buy” Immarsat after it beat consensus ratings yet again with its strong fourth-quarter results. Nomura remains bullish about its medium to long-term growth prospects, despite renewed speculation around the potential value of Immarsat’s spectrum assets.

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