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BEST OF THE BROKERS

YELL
JP Morgan Cazenove retains its “neutral” rating on Yell following its surprise announcement that both its CEO and CFO will leave the company in the next year. JP Morgan said the company is also guiding to a revenue decline but given £60m cost savings, JP Morgan believes that the revenue decline should be cushioned.

BEAZLEY
Beazley’s strong first quarter premium growth reflects the early stages of delivery on capital said Royal Bank of Scotland (RBS). Beazley is returning to form as one of the better performers, but claims year-to-date and a low investment yield will act as a drag on 2010 profits, said RBS, which issued Beazley with a “buy” rating.

NATIONAL GRID
Citigroup has updated forecasts for National Grid, including 2010 earnings per share of 57.2p, and maintains a “buy” rating. Citi said it forecasts strong growth, with earnings before taxes and interest up 8.1 per cent to £3.1bn. Citi said this growth should primarily be driven by US Electrical Distribution & Generation.