Best of the Brokers

UBS has downgraded defence equipment maker Chemring from “buy” to “neutral” with a target price of 300p, down from 390p, citing uncertainty over future profits and revenue.

Panmure has reduced its recommendation for engineering group IMI from “buy” to “hold” and cut the target price to 1040p (from 1140p), because it forecasts long-term challenges.

N+1 Singer rates the structural steel maker a “buy” despite its profit warning. It cut its target price from 185p to 150p, but says the firm has a stable order book.