Best of the brokers

To appear in Best of the Brokers, email your research to

Cantor Fitzgerald has upgraded the process outsourcing firm from “hold” to “buy” and increased its target price from 120p to 145p after full-year results showed a 2.8 per cent increase in sales and adjusted earnings before interest and taxes of £50.4m. The broker has also upped its predicted adjusted profits before tax to c.£50m, and says the new management team has done a remarkable job over the past two years.

N+1 Singer has upgraded the technology business from “hold” to “buy” with a target price up from 470p to 515p, after an update reassuring that trading remains in line with expectations. The upgrade comes on the back of modest underperformance of the firm’s shares over the past three months, but the broker has not adjusted its forecast of profits before tax of £9.1m in 2013.

UBS has downgraded the fund manager from “buy” to “neutral” despite taking a more optimistic outlook for the group in 2013, due to the stock trading close to its price target, which remains unchanged at 158p. UBS says the positive sales performance that Henderson highlighted as key for the year ahead would mean it could outperform the broker’s expectations for 2013.