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Best of the Brokers for 07 August 2014
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BAE SYSTEMS
Westhouse Securities has maintained its “sell” rating for BAE Systems, noting soft bill-to-book ratios and concerns over the US defence budget. It has praised BAE’s growing commercial cyber-security department and core UK business, leaving the target price unchanged.
SERCO GROUP
Numis has downgraded Serco Group to “reduce” from “hold”, citing “significant risks [due to] huge staff turnover and very significant contract attrition”. Profit forecasts for 2014-16 have been reduced by four to five per cent, with a new target price of 295p being issued, down from 360p.