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BEST OF THE BROKERS

BAVARIAN NORDIC
Standard & Poor’s Equity Research (S&P) has maintained a “strong buy” stance on Bavarian Nordic after the biotechnology group released its first quarter figures. S&P says that the company's maintained outlook is encouraging. It suggests the IMVAMUNE smallpox vaccine delivery will commence soon as production costs and inventory are up.

UBC MEDIA GROUP
Seymour Pierce continues to give UBC a “buy” rating with a target price of 6p. It says the media group’s positive earnings momentum and strong cash balance remain as key attractions for it. UBC indicated in its trading update that it expected sales to increase by 40 per cent to £4.9m and pre-tax profits to exceed market expectations.

INTERNATIONAL FERRO METALS
International Ferro Metals still has a strong outlook, despite a drop in production, says Numis, which maintains a “buy” recommendation on the group. The metals group saw a six per cent drop in production during the March quarter, but Numis says it has not changed forecasts for International Ferro Metals on the basis that production activity is expected to pick up in July.