Best of the Brokers for 2 July 2013

INTERCONTINENTAL HOTELS GROUP
Deutsche Bank has upgraded its rating on the global hotel company to “buy” from “hold” with a target price of 2,250p. The broker says recent underperformance is unjustified and cites the current 25 per cent upside to its target price as the driving factor for the upgrade.

INTU PROPERTIES
Cantor Fitzgerald upgrades the Real Estate Investment Trust (REIT) to “hold” from “reduce” and maintains its target price of 327p. The broker is optimistic about the group’s £1bn capital expenditure plan for the next decade, but says there is still some risk.

ASHMORE GROUP
Canaccord Genuity reiterates a “buy” rating on the investment management firm but reduces its target price to 380p from 399p. The broker reduces its estimate for year-end assets under management to $73.6bn from the previous $77.8bn.