Best of the Brokers

Canaccord reiterated its “sell” rating and 1,320p target for the asset manager. The broker struggles to justify the share price, with current trading at 16 times 2012 earnings, and it expects return on equity to fall.

Charles Stanley maintains its “accumulate” rating for the software company, after better-than expected results. However, the growth outlook was slightly disappointing.

Morgan Stanley has cut the financial services firm from “overweight” to “equal-weight,” raising its target price from 593p to 759p, but believes the firm has a unique position in the UK savings market.