Best of the Brokers for 12 November 2015
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Canaccord Genuity reiterated its “buy” rating on the insurance firm, but increased the target price from 800p to 910p. The broker noted reports that Novae is set to launche a new special purpose syndicate to underwrite US excess and surplus lines property and said it would be “a way for Novae to ensure its relevance in a market where it has expertise”.
Panmure Gordon downgraded its rating on the investments group to “hold” from “buy” – the first time the broker has downgraded DCC since it initiated coverage of the firm in February 2014. “While we remain as positive as ever on the long term prospects for the business, we expect the share price to pause for breath for now,” analyst Gert Zonneveld said.
FinnCap downgraded its recommendation on the trading software group to “sell” from “hold”, and reduced the target price to 1,750p from 2,300p. The broker said that while Fidessa’s equity markets position is strong and generates cash and a healthy yield, “the forthcoming regulatory disruption to the predominantly sell-side customer base still looms large”.