BEST of the BROKERS
UBS
Deutsche Bank has changed its recommendation on the Swiss bank from “sell” to “hold” and increased its target price from SFr11.75 to SFr12, despite results that it calls “uninspiring”. The broker expects the investment bank operations to continue losing share, but asset gathering to beat expectations.
ZIGGO
Goldman Sachs has initiated coverage of the the Netherlands’ largest cable operator with a “buy” rating. The broker calls Ziggo a “triple-play winner” in the market, despite the company reporting widening losses in late April despite strong sales, as the cost of its stock market listing weighed.
BUNZL
JP Morgan has maintained its “overweight” stance on the distribution and outsourcing group but upped its target price from 1,050p to 1,130p after three recent bolt-on acquisitions that the broker says will add 1.3 per cent to its earnings per share estimates.