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BEST OF THE BROKERS

<strong>ARRIVA</strong><br />Nomura downgraded its 2009 earnings estimates for Arriva, but upgraded its estimates for 2010, saying 2009 &ldquo;looks set to be the earnings low point&rdquo;. The broker said that the first half results highlighted a solid performance across divisions, and has a &ldquo;neutral&rdquo; stance on the stock with a price target of 473.4p.<br /><br /><strong>JD WETHERSPOON</strong><br />Investec said that its expects another solid set of results from JD Wetherspoon next Friday and has a &ldquo;buy&rdquo; recommendation on the stock. The broker believes there is headroom for upgrades and, with an attractive valuation and refinancing options &ldquo;aplenty&rdquo;, it sticks with its 565p target price.<br /><br /><strong>WOLSELEY</strong><br />Deutsche Bank changed its forecasts for Wolseley and said that, while its key markets are improving, there may be a better time to buy. The broker has more confidence than before on 2010 earnings, and upgraded its 2011 estimates by 29 per cent. It has a &ldquo;hold&rdquo; rating on the stock, with a 1,594p target price.