Best of the Brokers for 28 June 2013

ENRC
UBS has cut its price target on the mining group from 285p to 230p, days after ENRC rejected a 234p per share offer. UBS, which has also cut its guidance from “buy” to “hold”, said it expects the bidders to bypass the bid committee with the takeover approved by shareholders.

ANTOFAGASTA
Investec has moved to a “sell” rating on the Chilean copper miner and reduced its target price from 892p to 691p, pointing to “the substantial weakening of commodity prices”. The bank says that Antofagasta still has a strong balance sheet, but has decreased dividend forecasts.

BUNZL
Analysts at Numis have moved from “add” to “buy” on the outsourcing group, saying it is undervalued since so many investors call it “boring”. Numis says that a recent trading update should lead to earnings per share growth of eight per cent, and set a 1,505p target price.