BEST OF THE BROKERS

CAIRN ENERGY
Deutsche Bank rates the oil explorer “buy” but has cut its target price from 480p to 450p in light of the firm’s failure to find oil in Greenland. However, the broker sees the share price slump as a buying opportunity, particularly below a floor price of 345p. Deutsche reckons Greenland contributed 34p to the firm’s net asset value.

ASTRAZENECA
Jefferies has upgraded the pharma group from “underperform” to “hold” with a target price of £26. The broker thinks the coming patent expiries will affect the firm deeply, but thinks management has successfully supported its share price through buybacks and dividends. It has also lowered its risk outlook on the Brilinta drug.