BEST of the BROKERS

BRITISH LAND
Jefferies has downgraded a whole pack of retail estate investment trusts, stating that they “are no longer excessively cheap”. British Land is moved from “Buy” to “Hold” despite the target price being held at 552p. “Low vacancy rate and broadly rack-rented portfolio combine to constrain organic earnings growth,” it said.

ELEKTA
UBS has downgraded the Swedish health company from “Buy” to “Neutral” while moving its target price to SKr345.00 from SKr375.00. UBS now sees the stock as fairly valued, citing recent outperformance and currency shifts for the downgrade. The shares are up 8.7 per cent this month with Elekta reporting on 4 September.

GREENCORE
Numis has upgraded the foods supplier from “Hold” to “Add”, describing it as a “shrewd UK ready meals purchase”. The firm has its target price edged up to 90p by Numis, from 85p previously. There is “considerable logic” behind Greencore’s acquisition of International Cuisine, Numis says, enthusing that “it could prove highly value accretive”.