BEST of the BROKERS

PETROFAC
Liberum has cut its rating on the engineering group from “buy” to “hold” but leaves its target price on the stock unchanged at 1822p. As the shares are now within five per cent of the target, and ahead of new contract awards, the broker says Petrofac looks fair value.

PETROPAVLOVSK
Nomura remains positive on the Russian mining and exploration company but lowers its target price from 910p to 735p. Despite full year results ahead of estimates, the broker says renewed focus on structural negatives is moderating its medium-term production outlook.

MARKS & SPENCER
Panmure Gordon has reaffirmed its “hold” rating and 390p target price for the high street retailer ahead of its fourth quarter trading update next week. M&S shares are up 18.6 per cent year to date but the broker sees more upside elsewhere in the sub sector, for example in Next.