Citigroup maintains a “buy” recommendation on BHP Billiton saying the group’s share price has been overly impacted by issues such as the Gulf of Mexico oil spill, Chinese slow down and OECD debt issues. According to Citi, the market has already discounted $55bn in value destruction for BHP, which it believes is overdone.
Nokia’s second quarter profit warning underscores the risk in trying to call the bottom in handset stocks, according to Goldman Sachs, which gives the mobile group a “neutral” rating. Goldmans warns that after years of mis-steps in smartphones, it is not necessarily the case that things can only improve for Nokia.
Credit Suisse upgrades its recommendation of BSkyB to “neutral”, following News Corp’s proposed offer for BSkyB of 700p per share for the 60.1 per cent in the company it does not own. Both sides have agreed to work together to proceed with regulatory process and to ultimately reach an agreement on the price, notes the broker.
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