BEST OF THE BROKERS
MICHELIN
Bank of American Merrill Lynch (BoAML) said that it maintains a “buy” rating for Michelin and has raised its price to €67 (£54) to reflect its earnings estimate upgrade. The shares would trade on 0.85 times enterprise value on the 2010 estimates at BoAML’s new price, the bank said.
LUFTHANSA
UBS maintains a “buy” recommendation for Lufthansa and said that the group will continue to operate each of its airline brands independently. UBS said that the airline’s management believes the resulting multi-hub structure that has emerged is a key selling point to clients.
TAYLOR WIMPEY
Citigroup said that Taylor Wimpey continues to perform in line with management’s expectations, in a gradually improving but still uncertain trading environment. Citi gives the property group a “buy” rating and said the UK market has been stable since the end of April.