BEST OF THE BROKERS

LOGICA
JP Morgan Cazenove rates the technology group “underweight” and has raised its target price from 100p to 130p. The broker has lifted its revenue forecasts to £3.825bn in advance of an expected recovery in the Benelux market, which has previously dragged on growth. The broker expects margins of 6.2 per cent during the first half of 2011, slightly below the 6.7 per cent achieved at the start of 2010.

HSBC
Nomura rates the bank “neutral” with a target price of 725p. The broker expects returns on equity to lurk near the bottom of the bank’s 12 to 15 per cent target after its disappointing results on Monday, with revenue momentum challenged by low interest rates and the run-off from non-core positions. Nomura also flags up the bank’s rising costs, which rose eight per cent on an underlying basis last year.

ANTOFAGASTA
Evolution Securities retains its “sell” rating on the miner but has raised its target price from £10.10 to £12 ahead of its results on 8 March. The broker expects the firm to miss its production growth targets for 2010, but predicts a pre-tax profit of $2.18bn (£1.34bn) thanks to ballooning copper prices. Evo sees Kazakhmys and other miners as better picks for exposure to copper demand.