BEST OF THE BROKERS

CENTAMIN EGYPT
Goldman Sachs has updated its estimates on the miner following third quarter production and financial results. It rates Centamin Egypt as a “buy” but reduces its target price from 290p to 280p, calling the results solid but unspectacular. Costs were slightly higher than expected and are reflected in next year’s estimates, with earning per share forecasts for 2012 reduced to 22 cents from 25 cents.

ASSOCIATED BRITISH FOODS
Ahead of full year results due on 8 November, Citi rates the food manufacturer and Primark owner as “neutral” with a target price of £11.25. The broker expects sales to have risen six per cent to £10.7bn, but operating profits to have slipped one per cent to £902m. It says in 2012 the softening of cotton price should ease pressure on Primark’s margin, and the high sugar price should drive strong earnings.

MISYS
UBS rates the supplier of IT solutions to the banking industry as “neutral” with a target price of 285p, up from 240p due to recent peer group movements. First-half results are not due until January, and the broker sees the prospect of Misys being taken over in the near-term as unlikely, after talks with Fidelity National fell apart in August. A buyback may provide some downside protection, but has been modest to date.