Best of the Brokers for 26 July 2013

Numis reiterates its rating of Reed as an “add” and its target at 937p after the information firm announced that its operating profit has risen by six per cent in the first half of the year, ahead of expectations. Reed’s £600m buyback highlights management confidence, the broker said.

Despite believing that Next’s 500 UK stores are in a position of long-term decline, S&P raised its 12-month target price from £37 to £40 and changed from “strong sell” to “sell”, claiming that the stores had stabilised after a small increase in consumer spending.