BEST OF THE BROKERS

CSR
Morgan Stanley rates the chipmaker as “equal-weight” with a target price of 250p, following the company’s announcement yesterday that it is halting its investment in the digital television and tuner side of its business. As a consequence, the broker lowers its 2012 and 2013 revenue forecasts by $50m and $100m respectively, and operating expenses for those years by around $40m and £60m.

LOGITECH
UBS rates the technology group as “neutral” and lowers its target price from SwFr9 to SwFr8.50, remaining cautious in the near term as it could be difficult for the company to meet its full-year guidance for 2012. However, the broker says Logitech has solid prospects medium term, and its business model is not fundamentally broken. It says growth rates of 10 per cent are too ambitious, and investors should expect three to five per cent instead.

TALVIVAARA
Goldman Sachs initiates coverage of the base metals producer with a “sell” rating and a 12-month target price of 220p. Talvivaara’s primary exposure is to nickel – one of the broker’s least favoured commodities and one whose market it sees weakening in 2012. Goldman sees risks as skewed to the downside in the near term, and says it will look for confirmation of sustainable production in coming quarters before turning more positive.