BEST OF THE BROKERS

OLD MUTUAL
After the sale of its Nordic operations, Deutsche Bank has reinstated coverage of the bank with a “buy” rating and target price of 190p, seeing the valuation as attractive despite a 45 per cent rally since December.

HENDERSON GROUP
Investec has upgraded the fund manager to “buy” with a target price of 149p based on improving return on equity trends, rising margins and no further restructuring costs in 2012.

WOLSELEY
UBS reiterates its “buy” rating on the plumbing giant following strong first-half results, and ups its target price to 2,650p. The broker sees a mixed outlook but raises full-year 2012 EPS estimates by a modest two per cent.