Best of the brokers for 8 August 2013

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MILLENNIUM & COPTHORNE
Jefferies maintains its “hold” recommendation and 510p price target on the hotel chain, despite quarterly results which were worse than the broker’s forecasts. Jefferies warns that a slowdown in performance in Asia will continue, but is upbeat about the firm’s strong cash position.

NATIONAL GRID
HSBC has retained its “overweight” recommendation on the energy network operator and raised its target price to 885p from 875p. The broker said that the firm’s cost cutting measures are in progress and that National Grid is implementing an operational culture change.

TED BAKER
Cantor Fitzgerald has maintained its “hold” recommendation on the retailer but increased its target price to 1,925p from 1,350p. The broker has raised its full-year profit forecast from £35m to £36.5m, adding that Ted Baker is “well placed for an international roll-out”.