Best of the Brokers for 5 June 2013

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ENRC
UBS maintains a “buy” rating on the Kazakh-focused miner but downgrades its price target to 285p from 320p ahead of an annual general meeting today. The firm’s independent committee on Monday extended the deadline for a takeover bid to 24 June. The current offer valued at 250p per share is on the low end of the broker’s proposed range but UBS thinks there is still potential for a small increase.

ADVANCED MEDICAL SOLUTIONS
FinnCap reiterates a “neutral” rating on the medical technology company with a target price of 75p following approval for the sale of a skin adhesive. The broker thinks that overtaking the market leader, Johnson & Johnson’s Ethicon, will be difficult given Johnson’s ability to bundle wound-closure products when selling to hospitals. FinnCap also believes that the product will enter a tough US market.

DE LA RUE
Numis Securities upgrades the banknote printer to “add” from “hold” and increases its target price to 1,070p from 1,009p following full year results. The firm’s annual net debt of £76.7m was below prior forecasts of £90m and pre-tax profit rose by 2.4 per cent. The broker holds back from a “buy” rating given the uncertainties surrounding the Bank of England contract, which runs to the end of March 2015.