Best of the Brokers

AVIVA
Morgan Stanley rates the insurer “overweight” and cheers it as one of the key picks in the sector, but has moved its target price from 406p to 404p after fine-tuning earnings forecasts.

XCHANGING
Panmure Gordon has upgraded the IT and outsourcing firm from “sell” to “hold” and hiked its target from 75p to 115p, pleased with the firm’s turnaround progress.

LLOYDS
Investec has cut the banking group to “sell” with a target price of 36p, noting scepticism about the speed of the firm’s recovery and warning about additional PPI charges.