BEST OF THE BROKERS

GARTMORE
Canaccord Genuity continues to rate the fund manager a “sell” and has reduced its target price from 101p to 71p. The broker believes a 33 per cent drop in assets under management next year is likely in the wake of uncertainty caused by company veteran Roger Guy’s decision to leave this week.

HAMMERSON
UBS has downgraded the property group to “neutral” from “buy” with an increased 12-month target price of 450p thanks to recent share price gains. The broker notes the firm has few major developments scheduled until 2012 and that its focus will be on acquisitions until then.

BETFAIR
Evolution Securities has initiated coverage of the online betting group with a “sell” rating and a target price of £11.40. The broker believes the current share price ignores the financial and regulatory risks of the firm’s expansion plans. However, Evo predicts revenue will pass £500m by 2013.