BEST OF THE BROKERS
HBSC rates the port owner “neutral” and has raised its target price to 850p or $13.93. The broker has updated its forecasts on the firm following its dual listing from the London stock exchange, but reiterates its upbeat outlook over the next few years. HSBC sees the firm as a broad exposure play to global container terminals and emerging markets more generally.
Credit Suisse rates the miner “underperform” with a target price of £19. The broker is concerned about price inflation at the firm, expected to exceed the company’s eight per cent target due to lower production. Re-recruitment and production cuts following industrial action at its Marikana mine are to blame for the costs, the broker adds.
Morgan Stanley has downgraded the household and personal care products group to “equalweight” with a lowered target price of £38. The broker expects the firm’s share price to remain range-bound as it goes through a management transition and prefers L’Oreal, which it thinks will outperform during this year. Morgan Stanley has also downgraded US peer Henkel.