Best of the Brokers

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Panmure Gordon has a “buy” rating and target price of 3,300p ahead of the online retailer’s interim management statement due on Wednesday. The broker expects retail sales growth of 35.7 per cent for the quarter, slightly slower than the previous three months, with a slight fall in margins due to own-brand price changes. Panmure also hopes the firm will reveal more about its new US warehouse.

Liberum has kept its “sell” rating and 438p target following the pub chain’s first-half results last week. While trading was strong compared to a year ago, the broker expects like-for-like sales to sag in the second half due to strong comparative figures and expected price rises. Liberum reckons the shares will fall further behind the FTSE 250’s rally, and sees better value in Greene King and Restaurant Group.

Jefferies rates the pharmaceutical group “buy” and has increased its price target from 900p to 1,150p, believing that the recent share price rally has a way to go before it fully values the firm’s potential over the next couple of years. The broker has raised its short-term earnings forecasts, though it expects some of this growth to taper off as cheaper rival drugs come onto the market in the United States.