Best of the Brokers

INDEPENDENT RESOURCES
Cantor Fitzgerald reiterated its “buy” rating on the stock after the Italian hydrocarbon ministry gave a favourable opinion for accepting the firm’s San Gervasio production concession application. The broker has a target price of 67p, well above the 8p range the stock currently trades on. It added that the project would be a “welcome boost to the company’s liquidity position”.

IQE
Espirito Santo has maintained its “buy” rating on the stock despite a rival launching a product in a market occupied by IQE. The broker’s note said: “We believe that Qualcomm’s move is unlikely to have a material impact on IQE”, despite a fall in the IQE share price after the announcement. The stock has a fair value buy price of 55p attached to it, a premium to the 28p range it currently trades around.

PENDRAGON
Broker Panmure Gordon has a “sell” recommendation on the stock but has raised its target price from 15p to 19p. It said this was to take into account the general sub-sector re-rating and higher forecast assumptions anticipated from improving trading patterns during the year ahead. However, its weaker balance sheet compared to its peers meant it remained a “sell”, the broker said.