BEST OF THE BROKERS
INVENSYS
Ahead of Invensys’ interim management statement tomorrow, Nomura said that it expects the company to confirm that the short-term environment remains difficult and uncertain. The broker does not expect any changes to its full year 2010 guidance, and retains its “buy” rating with a 12-month target price of 275p.
LAND SECURITIES
KBC Peel Hunt upgraded Land Securities to “buy” following its first quarter statement, “despite a brain drain and the de-merger no longer happening”. The broker said that management have made good progress in de-leveraging since the rights issue and have achieved half of KBC’s expected sales target. It retains its net asset value estimate of 478p per share.
MAN GROUP
Evolution Securities said that the last 12 months of volatility in the hedge fund industry have not left Man unscathed, but that its recent interim management statement confirmed the robustness of the private client business in the face of a difficult market environment. The broker feels that green shoots appear to be emerging and retains a “buy” rating on the stock.