Best of the Brokers

Investec has cut the bank from “hold” to “sell” with a price target of 245p. The broker believes RBS’s return on equity is too weak to prop up its current share price.

Espirito Santo has lowered its rating to “sell” with a fair value price of 900p. The broker thinks the insurer is under increasing pricing pressure in the UK market.

UBS has upgraded the consumer goods group from “neutral” to “buy” with a raised target of €30. Unilever is finally getting its food division into a position of strength, the broker points out.