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BEST OF THE BROKERS

PHILIPS ELECTRONICS
Philips Electronics has been given a “buy” recommendation by Standard & Poor’s (S&P) Equity Research after the electronics company reported better-than-expected first quarter results. S&P says group profitability was seasonally very strong. Revenues of €5.68bn beating S&P’s forecasts. S&P’s target price is €27 per share.

ING
Evolution Securities has issued a “buy” recommendation for ING as it thinks ING insurance could substantially outperform its own 10 per cent return on equity target. The separation of the bank and the insurance activities is progressing apace. ING’s restructuring efforts are already bearing fruit in the first quarter, it believes.

TULLOW OIL
BNP Paribas maintains a “neutral” stance on Tullow Oil as it continues to think that the shares are fully valued at current levels and reflect a fair degree of near term optimism on short term drilling results. BNP views the medium and longer term for the company in Ghana, Uganda and South America as promising.

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