BEST OF THE BROKERS

REED ELSEVIER
Execution Noble rates the publisher a “hold” with a fair value price of 480p.

The broker says Reed’s recent disposal of legal, tax and regulatory work in Germany could lead to further asset disposals such as the LexisNexis business, creating value and limiting the firm’s exposure to a difficult legal market.

C&W WORLDWIDE
RBS rates the telecoms group a “buy” with a target price of 105p. The broker believes the firm’s recent results should reassure investors that the company is trading in line with expectations despite a slowdown in the public sector. However, capital outflow was double consensus estimates due to the phasing in of VAT payments.

MAJESTIC WINES
Numis Securities rates the retailer a “hold” with a target price of 360p. The broker believes the firm’s recent half-year results were strong, with a 20 per cent rise in pre-tax profit. It said the lower minimum purchase price in stores was helping to attract younger customers. The broker now predicts £18.9m pre-tax profit for the year.