Best of the Brokers

UBS has upgraded the chipmaker from “sell” to “neutral” with a 480p target. The broker sees the firm’s purchase of rival MIPS as positive, but generating returns could prove difficult.

Morgan Stanley rates the German owner of Npower “overweight” with a €40 target. The broker thinks RWE’s cost cutting is adding to profits, once unexpected events such as withdrawal from nuclear are discounted.

Numis rates the logistics group “buy” and has a price target of 90p. The broker expects the firm to reveal first half earnings of £23.5m next Monday, with gathering momentum in its restructuring plans.