BEST of the BROKERS

HSBC
Investec has moved the bank from “buy” to “hold”, saying an “assortment of headwinds” means stock is unlikely to rise from current highs. Target price reduced to 590p.

ESSAR ENERGY
JP Morgan Cazenove has downgraded Essar from “overweight” to “neutral” and reduced the price target from 175p to 150p, saying regulatory hurdles in India may stifle the firm.

PEARSON
Liberum Capital has cut the publisher’s target price to 1,050p and repeated its “sell” recommendation, saying “the cracks are starting to appear” in the publisher’s US business.