BEST of the BROKERS

MAN GROUP
UBS has reiterated its “buy” rating on the alternative investment manager and reduced its target price from 165p to 140p, identifying Man as a potential takeover target ahead of its trading update next week. The broker said that a 50 per cent premium to the current price would be enough to get approval.

WH SMITH
After “solid” interim results, Investec has reiterated its “buy” rating on the high street retailer and raised its target price by seven per cent to 615p from 575p. The broker expects travel to be the key profit growth driver in the longer term, with opportunities domestically and abroad.

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JP Morgan Cazenove has an “underweight” rating on the clothing retailer, and has upped its target price from 1,948p to 2,039p. The broker see increasing pressure on the top line and margins in the next few years as online competition grows and the market moves to a free delivery model.