Best of the Brokers

INTERCONTINENTAL HOTELS
Numis rates the hotel chain “add” and has a target price of £18 ahead of third quarter results tomorrow. The broker expects to see slower revenue growth for now and earnings of $165m.

GLAXOSMITHKLINE
UBS has a “neutral” rating on the pharma giant but has cut its target price from £15.25 to £14.50 after disappointing quarterly results. The broker has lowered its sales forecasts by three to four per cent.

PEARSON
Liberum rates the publisher “sell” with a fair value of £10.50. The broker warns that an ongoing US lawsuit over college textbooks, a sector where Pearson makes a third of its profits, could allow cheap imports to flood the market.