BEST of the BROKERS
BALFOUR BEATTY
Investec rates the construction firm “sell” but has raised its target price from 185p to 210p. While trading remains weak, and the broker expects earnings “significantly below” last year’s results, Investec has revised its cash and pension deficit forecasts, giving the shares a higher fair value.
AIR FRANCE-KLM
UBS rates the airline “neutral” and has cut its price target from €4.55 to €3.75. The broker has also trimmed its 2012 earnings forecasts due to higher staffing costs and remains cautious about the firm’s progress on cutting expenses overall.
LAIRD
Numis has a “buy” rating on the electronics firm and a target price of 250p. The shares have reacted too harshly to Laird’s organic revenue falls, the broker thinks, and the firm is well-positioned to benefit from a cyclical upturn this year. Numis also expects Laird to unveil its new chief executive within weeks.