BEST of the BROKERS
BP
Deutsche Bank has maintained its “buy” rating on the oil major but lowered its target price from 550p to 525p, saying that this week’s lower than expected quarterly results have proved that turning around performance at a company of this size takes considerable time.
ACCOR
Credit Suisse has named the hotel group as a key sector pick with an “outperform” rating and a target price of €33, up from €30.70. The broker sees scope for Accor’s 2014 earnings per share to rise by 44 per cent, and says an improving outlook suggests an 11 per cent upgrade to 2012 earnings.
WHITBREAD
Nomura rates the Costa and Premier Inns owner as a “buy” with a target price of 2220p following strong full-year results from the group, including 15 per cent growth in earnings per share. The broker expects Premier’s trading to improve through the year, and says the Olympics will provide a boost.