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BEST OF THE BROKERS

<strong>AGA RANGEMASTER GROUP<br /></strong>Noble initiated coverage of Aga with a &ldquo;positive&rdquo; rating, and a target price of 162p, corresponding to a 19 per cent upside. The broker said that, as Aga&rsquo;s brands find deeper and broader resonance amongst the well-heeled in the UK, Europe and North America, its current commodity-like rating will appear increasingly undeserved. Noble said that Aga&rsquo;s recent interims confirm that now is the time to pick up a gem.<br /><strong>ITV</strong><br />Goldman Sachs downgraded ITV from &ldquo;buy&rdquo; to &ldquo;neutral&rdquo; after a period of outperformance versus the media sector. The broker said that the stock now offers less upside potential to its price target of 58p. It also &ldquo;modestly&rdquo; trimmed its 2009 forecasts for a weaker-than-expected third quarter TVmarket recovery and increased stock risk profile going in the new chief executive appointment.<br /><br /><strong>PSION</strong><br />KBC Peel Hunt initiated coverage on Psion with a &ldquo;buy&rdquo; recommendation, saying that its new management team and deep restructuring are restoring acceptable returns to the business. The broker sees much greater balance sheet efficiency going forward, and said that management&rsquo;s realistic target of a 10 per cent return on sales drives a fair value target of 135p, 44 per cent the current share price.