BEST OF THE BROKERS

VIVENDI
Nomura rates the French entertainment and media group as “neutral” with a target price of €20.60, after revising its estimates for tax changes and lowering its forecast for dividend per share. The broker says management is likely to err on the side of caution when setting dividends, and says changes to French tax rules mean net income estimates are lowered by 9-10 per cent for 2011-13.

RANDSTAD
Ahead of second quarter results on Thursday, UBS rates the world's second largest staffing company as a “buy” with a target price of €40. The broker sees little or no growth in the UK, or in low-skilled industrial jobs in France and the US, but says that key markets remaining below peak mean even low GDP growth should boost revenue. UBS expects <a href="http://www.randstad.co.uk"; target="_blank">Randstad</a>’s organic sales growth exit rate to be at least five per cent for September/October.

SHIRE
JP Morgan rates the pharma group as “neutral” with a target price of 2,002p after the company gave an update on its Vyvanse ADHD product. A phase III study showed a statistically significant benefit versus the placebo, and the broker sees peak European sales of £450m by 2020, or around 50 per cent of the projected ADHD market share. With Shire results due on Friday, the broker expects Vyvanse to be a key focus of the call.