Best of the Brokers

Morgan Stanley has downgraded the property group from “overweight” to “equalweight” with a price target of 240p after a good run by the shares. It says a further re-rating may be triggered by Europe disposals.

Singer has downgraded the retailer from “buy” to “fair value” with a target price of 1,000p, seeing little scope for sales growth, and a rating that is now comparable to its peers.

UBS has upgraded the communications group from “sell” to “neutral” with a €6 target price after a mixed second quarter, seeing its valuation as in line with the sector and open to limited downsides.