BEST of the BROKERS

JULIUS BAER
UBS has downgraded the Swiss bank from “buy” to “neutral” with a target price of SwFr36 after decent first half results, and lifted its earnings per share forecast by five per cent for 2012.

LANCASHIRE HOLDINGS
Numis has moved the insurer from “hold” to “add” after second quarter profits came in ahead of expectations, despite a further charge of $25m for Costa Concordia.

CSR
Liberum Capital has increased its target price on the semiconductor firm from £3.15 to £4 following the sale of its handset business to Samsung, saying the dal has transformed the business.