BEST OF THE BROKERS

AXA
Goldman Sachs rates the firm “neutral” and has raised its target price by €0.50 to €16.50 (£14.70). The broker expects the bulk of capital generated over the 2011 to 2015 period to be used shoring up its balance sheet.

INTERCONTINENTAL HOTELS
Deutsche Bank rates the hotels group a “hold” and has raised its target price from 1030p to 1365p. The broker thinks IHG will be set to invest in growth opportunities in 2012 after a share buyback or dividend this year.

REED ELSEVIER
Societe Generale rates the media group “neutral” and with a target price of €12.40. The broker sees Reed as a low-risk play on a sector recovery, with a two-year forecast of eight per cent annual earnings growth.