BEST of the BROKERS
BP
Canaccord Genuity has raised its rating on the oil giant from “hold” to “buy’ and has a target price of 485p. While the broker is not yet confident BP can recover from its 2010 spill in the long run, it sees a strong bounce coming in 2013-14 once various US court cases are resolved.
SAVILLS
UBS upgrades the property group from “neutral” to “buy” but has trimmed its 12-month price target from 385p to 370p. The firm is vulnerable to changes in sentiment in the UK, the broker notes, but in fact makes more than half of its profits in Asia Pacific.
RECKITT BENCKISER
Morgan Stanley rates the consumer goods producer “overweight” and has a target price of £38. The broker sees an attractive entry point following investor JAB’s recent placing, with solid earnings growth expected in the firm’s half-year results in July.