Best of the Brokers for 24 July 2013

Morgan Stanley has upgraded its rating for bookmaker Ladbrokes from “underweight” to “equal weight” to reflect the ongoing strength in the UK online market, offset by modest reductions in retail. It has raised its target price from 165p to 215p.

Kate Swann may have stepped down as chief executive of WH Smith but Citigroup said its “buy” case remains “intact” and it has also kept its target price of 900p. The broker said it believed that the group has exposure to a consumer recovery, particularly within its UK travel business.