BEST OF THE BROKERS
ALTERNATIVE NETWORKS
Investec said Alternative Network’s acquisition of Aurora Kendrick James Group for up to £5.5m, 82 per cent in cash, is a ringing endorsement of its market-leading capabilities and platform. It upgraded its 2010 earnings per share estimates for the firm, increased the target price to 150p and reiterated its “buy” rating.
PUNCH TAVERNS
KBC Peel Hunt made its first comment on Punch Taverns since it downgraded its rating to “hold” last month. Now that the Office of Fair Trading has responded favourably regarding the beer tie issue, the broker believes Punch is on course to contribute value and is a medium term “buy”, with a reduced target price of 85p.
WPP
Royal Bank of Scotland said that WPP’s third-quarter revenue surprised on the upside, and that management seems to be making good progress in achieving its second-half margin goal. The broker added that the group is more exposed to emerging markets than its peer, and raised its target price to 665p, with a “buy” rating.
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