BEST OF THE BROKERS
NOVARTIS
Standard & Poor’s Equity Research (S&P) rates Novartis as “buy” due to its strong second quarter results. Sales are up 12 per cent thanks to volume growth, especially in vaccines, according to S&P, which said in its view, the well-managed volume-driven diversification of Novartis will offset foreseeable negatives.
WETHERSPOON
Seymour Pierce upgrades Wetherspoon to “hold” as it expects growth in fourth quarter revenues. Shares for the group have fallen since the third quarter and forecasts have moved down to the bottom of the range, but Seymour Pierce said it changed its rating as trading momentum is improving and valuation is now more reasonable.
CAPITAL & REGIONAL
Capital & Regional (C&R) is rated “buy” by Numis due to its successful restructuring of The Mall Fund. Numis retains its 50p price target for C&R and said that it believes the restructuring should support a re-rating of the shares, while steps in reducing C&R’s debt will allow for the reshaping of The Mall Fund.