Best of the Brokers

AZ ELECTRONIC MATERIALS
UBS has cut its rating from “buy” to “neutral” for the chemicals producer. The stock is up around 50 per cent this year, and the valuation gap to its rivals is now closed, UBS thinks.

ENTERPRISE INNS
Morgan Stanley rates the pub owner “overweight” and has set a price target of 140p. The broker thinks that income is stabilising, and that the debt level is now “manageable” and could be paid off by 2015.

DEUTSCHE TELEKOM
Espirito Santo has given the owner of T-Mobile a “sell” rating with a fair value of €7.60 after a US consumer survey found that opinion of the firm’s networks is “weak”.