BEST OF THE BROKERS
ICAP
Goldman Sachs rates the inter-dealer broker “buy” with a 12-month target price of 640p. Goldman thinks ICAP is well-placed to benefit from the structural flux of the over-the-counter markets and was reassured by results on Wednesday.
KINGFISHER
UBS rates the retail group “buy” and has raised its target price from 285p to 310p ahead of Kingfisher’s first-quarter results on 2 June. The broker expects profits of £180m, or 23 per cent ahead of last year, with improving margins.
BP
Bank of America Merrill Lynch has upgraded the oil group to “buy” with a target price of 580p. The broker thinks BP is at a crossroads following the collapse of its Russian deal, and believes management need to look for more drastic alternatives.