BEST of the BROKERS

SERCO
UBS has moved its rating on the firm from “buy” to “neutral” with a target price of £6, after a strong share price performance, remaining upbeat on the UK and Europe but less optimistic on the US business.

NATIONAL GRID
Liberum Capital has upgraded the utility from “hold” to “buy” with a raised target price of 730p after seeing proposals for the firm until 2021. It estimates annual total return of nine per cent over the next eight years.

SECURE TRUST
Numis has downgraded Secure Trust Bank from “add” to “hold” and cut the target price from 1223p to 1167p. The broker says the shares now offer fair value to investors, rather than being cheap as they were previously.