BEST OF THE BROKERS
VICTREX
KBC Peel Hunt has initiated coverage on Victrex, the high performance plastic manufacturers, with a “buy” recommendation and a target price of 650p, predicting strong profits growth for 2010. It says the current consensus is 8 per cent too low, and that should Victrex begin restocking then forecasts could be revised up again.
AEGIS GROUP
Panmure Gordon retains its “buy” recommendation for Aegis Group, with a target price of 100p, despite revising down earnings per share estimates for the next two years by 6 per cent. The broker is expecting the second half of the year to be much stronger than the first, due to management restructuring and the probable appointment of some non-executive directors.
SANTANDER
Royal Bank of Scotland has changed its recommendation to “buy” for Santander, upgrading its target price by 70 cents to €10.40 (£8.96). RBS has changed from its “hold” stance on the basis of increased profitability and the limitation of the take-up of credit risks, coupled with the recent shoring up of its position in the markets of the UK and Brazil.