BEST OF THE BROKERS
ASHMORE
Singer rates the fund manager a “buy” and has upgraded its target price to 360p. The broker says Ashmore has made the most of the financial crisis by buying cheap assets, and that its range of new products will boost the firm. It adds that the firm’s performance fees of £82.9m for the year to June 2010 were better than it had been expecting.
CPP
Canaccord Genuity has downgraded the credit card and identity insurer to a “hold” with a target price of 277p. The broker says the shares have outperformed the market by 19 per cent since March’s flotation, and that expansion remains on track, but the current share price of around 265p suggests sales growth and margins in the low teens. =
UNITE GROUP
UBS rates the student housing developer and manager a “buy” but has lowered its 12 month target price from 315p to 270p on the back of concerns over government spending on universities. The broker said over capacity costs are likely to lead to an overall loss in 2010, but that earnings per share could rise up to 14p in the longer term.