Morgan Stanley rates the financial services firm “overweight” with an increased target price of 703p. The broker thinks that the firm still has potential for positive earnings surprises and has raised its target by 15 per cent following the firm’s half-year results. It also expects further margin expansion driven by operating leverage and a positive outlook for cash flows helped by the pension tax changes in April.
Goldman Sachs has started covering the miner with a “neutral” rating and a 12-month target price of 480p. GS is bullish on platinum prices, buoyed by Chinese industrialisation, and expects Aquarius to grow through the expansion of its mines. Aquarius currently trades at a discount to its peers, likely owing to the shorter average life of its mines that presents greater risk, the broker adds.
JP Morgan Cazenove rates the property developer “overweight” with a 625p target price. The broker sees BL as one of the best picks in the UK retail property market, alongside Land Securities and Metric. British Land has the highest increase in development supply and has some of the best property valuations along with a strong balance sheet, protecting it from headwinds in the real estate market, the broker believes.