Best of the brokers

Investec has a “sell” rating on the construction group and has cut its target price to 190p. The broker believes the market is catching up with the firm, in the wake of a fresh set of earnings downgrades and a gloomy outlook. While the company could sell its Workplace business to shore up its balance sheet, Investec remains sceptical about Balfour’s growth prospects in its core markets in the UK and US.

Liberum has a “buy” rating on the budget airline and has increased its target from €6.00 to €7.15. The broker has also hiked its 2014 profit forecasts by 12 per cent, in light of fuel costs that are hedged lower, and believes Ryanair has enough spare cash to return €1.9bn to shareholders by March 2016 on top of its plans to splash out on new aircraft.

UBS has maintained its “neutral” recommendation on the miner and raised its target price from 270p to 320p following full-year results that were in line with its forecasts. The broker is cautious about the firm’s balance sheet and thinks ENRC would find it difficult to sell assets in the current market. However, UBS has increased its forecasts on higher production guidance from the company.