BEST of the BROKERS

BMW
UBS has upgraded the car firm from “neutral” to “buy” with an unchanged 12-month target price of €75. The broker has trimmed its earnings per share forecast for the year by five per cent, due to weakening markets. However, it thinks the firm is protected from some of the slump thanks to its exposure to newer markets, and has raised its rating to reflect a recent share price fall .

GREGGS
Clive Black and Darren Shirley at Shore Capital rate the bakery “buy” with a target price of 505p, leaving their estimates unchanged following a “very good and encouraging” meeting with management. The analysts are impressed by Greggs’ work to make the business more efficient amid a tough economic backdrop, and there are new channels of growth in a coffee shop store format and specialist bakeries.

LADBROKES
Canaccord Genuity rates the gambling group “hold” with a target price of 154p. The broker was disappointed to learn last week that the firm expects retail sales to slow in the second half of the year, while technology delays are set to knock 26 per cent off online profits in 2012. Canaccord, whose forecasts were already four per cent below consensus, has lowered its earnings per share estimate by a further one per cent.