BEST OF THE BROKERS

SAB MILLER
Nomura rates the brewer “reduce” with a target price of £19.75. The broker has continued concerns about the US beer market, and that planned investment in marketing and IT would hold back any increase in margins. Nomura notes SAB’s recent claim that revenue growth would be around two per cent, slightly below earlier guidance.

TESCO
Jeffries International rates the supermarket “hold” with a target price of 450p. The broker expects the firm’s Q3 results next week to confirm pedestrian UK trading momentum that could add to a short-term drag on shares. It predicts quarterly sales growth of six per cent, making it the slowest growing of the big four grocers.

SHAFTESBURY
Liberum Capital has upgraded the property company to “hold”?from “sell”?with an upgraded target price of 430p. The broker sees founder and chief executive Jonathan Lane’s retirement as a potential drag on the share price, but is more optimistic about rental value growth. It has raised its 2011 net asset value forecast by one per cent.