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BEST OF THE BROKERS

<strong>ITV</strong><br />Investec moved ITV from &ldquo;hold&rdquo; to &ldquo;sell&rdquo; and raised its price target to 46p. The broker believes material management and structural challenges remain and that the valuation already discounts an earnings recovery on a long-term view. But it has a positive macro-view and notes that TV ad spend is improving.<br /><br /><strong>AMLIN</strong><br />Credit Suisse upgraded Amlin to &ldquo;neutral&rdquo; with a revised target price of 455p, suggesting 15 per cent upside potential. Following a year of limited large losses with peak pricing, the broker is expecting strong earnings from Amlin and a strong capital position even after its recent acquisition from Fortis.<br /><br /><strong>BRITISH AMERICAN TOBACCO</strong><br />Nomura upped its target to 1,925p from 1,650p in the context of its upgrade of the tobacco sector to &ldquo;bullish&rdquo;. The broker said this reflects the benefits of the pricing outlook for the industry as well as continued cost-saving opportunities post 2012, with explicit targets for &ldquo;spend back&rdquo; levels.