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BEST OF THE BROKERS

SKANSKA
Standard & Poor’s Equity Research (S&P) has lowered a recommendation of Skanska to “hold” from “buy” ahead of the construction group’s first quarter results. S&P says their 2010-11 estimates are lower following consensus downgrades, based on a harsh winter. S&P says Skanska provides the best value among its Nordic peers.

BBVA
Evolution Securities reiterates a “buy” recommendation of BBVA after they say 2010 should be the year they expect very strong trends from the bank’s Mexican operations. Driven by Spanish credit quality fears and aggravated by Greek default concerns, the stock has been a dismal performer, but BBVA offers an attractive upside.

CHLORIDE
Seymour Pierce has moved from “buy” to “hold” on Chloride, as the broker says Emerson’s approach breaks with stated M&A agenda and a deal is not guaranteed. They estimate with cost savings of around £22m, Emerson can pay up to 339p without diluting earnings and note that the upside has gone with plenty of downside.