BEST OF THE BROKERS

ROLLS-ROYCE
UBS rates the engineering giant “sell” with a 12-month target price of 500p. The broker has cut its earnings per share estimates by five per cent for the year due to expected low delivery of new planes.

HISCOX
Goldman Sachs rates the insurer “sell” with a target price of 380p. The broker has cut its 2010 earnings forecasts slightly as winter losses in the UK were largely offset by higher investment returns.

RESOLUTION
Citi rates the insurance-focused buy-out vehicle “buy/high risk” with a lowered target price of 331p after revising its enterprise value. The firm remains Citi’s preferred restructuring play in the UK.