Best of the Brokers

UBS has cut the plumbing and heating products group from “buy” to “neutral”, warning that shares are unlikely to rise at current trends. “We believe the fundamentals remain positive with a solid market share ...but we believe this is now priced in,” UBS said, raising its target to 2,580p.

Weakness in the rough diamonds market has led Northland Capital to cut Gem’s profit forecasts for the year to $40.7m (£25m), 75 per cent down on last year. The weak market has led Gem to delay its expansion in Lesotho. Northland keeps its “buy” rating but cut its target price from 338p to 285p.

Numis has upgraded the property developer from “add” to “buy”, predicting the firm will outperform the sector, with several large projects in the pipeline including New Covent Garden Market and Elephant & Castle Shopping Centre. The price target was raised from 229p to 259p.