BEST OF THE BROKERS
MARKS & SPENCER
Societe Generale raised its top-end-of-consensus current year pre-tax profit forecasts for Marks & Spencer by 10 per cent, to £654m. The broker increased its target price to 500p and has a “buy” rating on the stock, following the firm’s trading statement last week.
WHITBREAD
Goldman Sachs removed Whitbread from its “conviction buy” list after a period of outperformance, but reiterates its “buy” rating, with a target price of 1,350p. The broker said that it believes the stock’s valuation discount relative to the sector is unjustified.
CABLE & WIRELESS
ING cut its earnings forecasts for Cable & Wireless’s International business by 4.6 per cent after the company’s July trading statement warned of continued pressure in the Caribbean and slower enterprise spending in Panama. It downgraded the stock to “hold” from “buy”.