This week’s broker tips are led by Auto Trader. Berenberg has upgraded the online car marketplace to ‘Buy’, saying the problems with its Deal Builder rollout are now largely behind it.
Marks & Spencer picked up seven target increases after its half-year profit more than doubled, while Bank of America has cut its Rolls-Royce target but still sees plenty of upside. Jefferies is staying on the sidelines at Next despite strong international growth, and Deutsche Bank has nudged up its AB Foods target but warned of more downside risk after a strong run in the shares.
Here are some of the key broker rating changes, price targets and analyst views this week.
Berenberg upgrades Auto Trader to ‘Buy’
Seven brokers raise Marks & Spencer targets
Bank of America cuts Rolls-Royce target to 1,625p
Jefferies keeps Next at ‘Hold’ after Q3 update
Deutsche Bank lifts AB Foods target price
1. Auto Trader: Berenberg upgrades as Deal Builder worries fade
Berenberg: Hold → Buy, target 510p → 650p. Close: 557.6p. Implied upside: 16.6%.
Berenberg upgraded Auto Trader LON:AUTO from ‘Hold’ to ‘Buy’ on Monday and raised its target price from 510p to 650p, according to Sharecast. It argued that concerns about the troubled Deal Builder rollout were now largely behind the company. Goldman Sachs also lifted its target on Monday, from 538p to 591p at ‘Buy’, following moves after the first-half results by Citigroup (526p to 625p, ‘Neutral’), Barclays (570p to 580p). Bernstein was the exception, trimming its target from 545p to 525p.
The broker pointed to stronger-than-expected growth in retailer numbers in Auto Trader’s first-half results, as dealerships returned to the platform after the company took remedial steps. That recovery was ahead of both Berenberg’s forecasts and market expectations. It also said conditions for motor retailers had improved on a year ago and that Auto Trader was well placed to use AI and its data to create new revenue streams, arguing that fears of AI disruption were overdone.
At around 14 times forecast 2027 earnings, Berenberg said the shares trade at an unjustified discount to peers. At Monday’s 557.6p close, its 650p target implies 16.6% upside, Citigroup’s 625p implies 12.1% and Goldman Sachs’s 591p implies 6.0%.
2. Marks & Spencer: seven brokers raise targets after profit rebound
Goldman Sachs: Buy retained, target 470p → 510p. Close: 437.6p. Implied upside: 16.5%.
Seven brokers raised their targets on Marks & Spencer LON:MKS after its half-year results, according to Alliance News. Goldman Sachs went from 470p to 510p, Citigroup from 480p to 505p and Jefferies from 460p to 500p, all at ‘Buy’. Barclays raised its target from 450p to 490p at ‘Overweight’, Bernstein from 440p to 480p at ‘Outperform’ and Deutsche Bank from 435p to 470p at ‘Buy’. RBC Capital Markets lifted its target from 385p to 425p but stayed at ‘Sector perform’.
The retailer’s adjusted pre-tax profit more than doubled to £403.2m in the first half, as it recovered from last year’s cyber attack. Food sales rose 14% to £5.16bn and food profit came in well ahead of forecasts, though Fashion, Home & Beauty profit of £150.5m fell short of the £191m consensus. Chief executive Stuart Machin said there was “a lot more to do” in clothing. M&S kept its full-year outlook and raised its interim dividend by 17% to 1.4p.
At Monday’s 437.6p close, Goldman Sachs’s 510p target implies 16.5% upside, Citigroup’s 505p implies 15.4% and RBC’s 425p implies 2.9% downside.
3. Rolls-Royce: Bank of America cuts its target but stays at ‘Buy’
Bank of America: Buy retained, target 1,850p → 1,625p. Close: 1,320.6p. Implied upside: 23.1%.
Bank of America cut its target price on Rolls-Royce LON:RR. from 1,850p to 1,625p and kept its ‘Buy’ rating, according to Alliance News.
The cut of about 12% is one of the biggest target reductions on a FTSE 100 name this week. Even so, the new target still sits well above the current share price, so the broker continues to see substantial upside for the aerospace and defence business.
At Monday’s 1,320.6p close, Bank of America’s 1,625p target implies 23.1% upside.
4. Next: Jefferies stays at ‘Hold’ despite strong international growth
Jefferies: Hold reiterated, target 15,800p. Close: 15,530p. Implied upside: 1.7%.
Jefferies kept its ‘Hold’ rating and 15,800p target price on Next LON:NXT after the retailer’s third-quarter update.
The broker said UK trading was softer than many investors expected, though in line with guidance, with a weak September followed by a better October as cooler weather lifted demand. International sales again beat expectations, helped by marketing spend that rose 67% against guidance for 42%. “Once again, Next’s Q3 shows a business amply able to offset near-term UK pressures with abundant international growth,” Jefferies said, but it added that the shares already reflect much of that strength at around 18 times 2027 earnings.
Other brokers were more upbeat. RBC Capital Markets raised its target from 17,000p to 17,500p at ‘Outperform’, Goldman Sachs from 17,000p to 17,200p at ‘Buy’, and Barclays from 15,400p to 15,500p at ‘Equal weight’.
At Monday’s 15,530p close, Jefferies’s 15,800p target implies 1.7% upside and RBC’s 17,500p implies 12.7%.
5. Associated British Foods: Deutsche Bank lifts target but sees downside risk
Deutsche Bank: Hold retained, target 1,790p → 1,820p. Close: 2,001p. Implied downside: 9.0%.
Deutsche Bank raised its target price on Primark owner Associated British Foods LON:ABF from 1,790p to 1,820p after last week’s full-year results, and kept its ‘Hold’ rating.
The bank said results were broadly in line, with slightly more cautious guidance for Grocery profits in 2027. It raised its target to reflect staples peer valuations but said the investment case remains uncertain. “The main issue is the Primark LFL,” it said, noting a weather-hit start to the first quarter and concerns over consumers in France and Germany. It added that there is more downside risk given the shares’ strong recent run.
Brokers were split over the week. RBC Capital Markets raised its target from 1,800p to 1,950p and Goldman Sachs from 1,600p to 1,700p, though both still rate the shares a ‘Sell’. Citigroup trimmed its target from 1,520p to 1,510p at ‘Sell’, and Barclays cut from 1,950p to 1,900p at ‘Equal weight’.
At Monday’s 2,001p close, Deutsche Bank’s 1,820p target implies 9.0% downside, RBC’s 1,950p implies 2.5% and Citigroup’s 1,510p implies 24.5%.
Full list of Broker tips (4 – 10 November)
Company
Broker
Previous rating
New rating
Previous target
New target
Key reason
3i Group
Barclays
Overweight
Overweight
4,205p
3,985p
Target cut
AB Dynamics
Berenberg
Buy
Buy
1,700p
1,350p
Target cut
Acceler8 Ventures
Berenberg
—
Buy
—
130p
Initiation; exposure to digitisation of China’s lottery market, 275p if paperless play approved
AIB
Barclays
Equal weight
Equal weight
€10.50
€12.80
Target raised (euros)
AIB
JPMorgan
Neutral
Neutral
€12.20
€12.30
Target raised (euros)
Airtel Africa
Goldman Sachs
Neutral
Neutral
324p
302p
Target cut
AJ Bell
Citigroup
Neutral
Neutral
630p
640p
Target raised
ASOS
Barclays
Equal weight
Equal weight
450p
470p
Target raised
ASOS
Deutsche Bank
Buy
Buy
450p
490p
Target raised
ASOS
RBC Capital Markets
Sector perform
Sector perform
450p
460p
Target raised
Associated British Foods
Barclays
Equal weight
Equal weight
1,950p
1,900p
Target cut
Associated British Foods
Citigroup
Sell
Sell
1,520p
1,510p
Target cut
Associated British Foods
Deutsche Bank
Hold
Hold
1,790p
1,820p
Target raised on staples peer valuation after FY26 results; concerns over Primark LFL in France and Germany
Associated British Foods
Goldman Sachs
Sell
Sell
1,600p
1,700p
Target raised
Associated British Foods
RBC Capital Markets
Underperform
Underperform
1,800p
1,950p
Target raised
AstraZeneca
Bernstein
Outperform
Outperform
19,800p
20,500p
Target raised
AstraZeneca
Citigroup
Buy
Buy
18,600p
18,900p
Target raised
AstraZeneca
Deutsche Bank
Hold
Hold
11,700p
12,000p
Target raised
AstraZeneca
DZ Bank
Buy
Buy
15,600p
15,900p
Fair value raised
AstraZeneca
Goldman Sachs
Buy
Buy
16,601p
17,580p
Target raised
AstraZeneca
UBS
Buy
Buy
15,200p
16,000p
Target raised
Auto Trader
Barclays
Equal weight
Equal weight
570p
580p
Target raised
Auto Trader
Berenberg
Hold
Buy
510p
650p
Upgrade; Deal Builder concerns behind it, retailer numbers recovering, AI opportunity, ~14x FY27 earnings
Auto Trader
Bernstein
Market perform
Market perform
545p
525p
Target cut
Auto Trader
Citigroup
Neutral
Neutral
526p
625p
Target raised
Auto Trader
Goldman Sachs
Buy
Buy
538p
591p
Target raised
Aviva
UBS
Neutral
Neutral
—
800p
Target cut (previous target not given)
Avon Technologies
Jefferies
Buy
Buy
2,390p
2,780p
Target raised
Avon Technologies
Peel Hunt
Buy
Add
2,500p
2,600p
Downgrade but target raised
B&M European Value Retail
RBC Capital Markets
Outperform
Outperform
275p
325p
Target raised
Babcock International
Jefferies
Buy
Buy
1,400p
1,410p
Target raised
Baltic Classifieds
JPMorgan
Underweight
Underweight
€2.09
€2.11
Target raised (euros)
Bank of Ireland
Barclays
Overweight
Overweight
€19.50
€23.75
Target raised (euros)
Barclays
Jefferies
Buy
Buy
600p
590p
Target cut
Barratt Redrow
Citigroup
Buy
Buy
410p
375p
Target cut
BP
DZ Bank
Buy
Buy
650p
715p
Fair value raised
BP
UBS
Buy
Buy
700p
725p
Target raised
British American Tobacco
JPMorgan
—
Overweight
—
5,300p
Coverage reinitiated
BT Group
Bank of America
Buy
Buy
282p
291p
Target raised
BT Group
Barclays
Underweight
Underweight
155p
170p
Target raised
BT Group
DZ Bank
Buy
Buy
250p
280p
Fair value raised
BT Group
Goldman Sachs
Buy
Buy
330p
340p
Target raised
Burford Capital
Berenberg
Buy
Buy
450p
490p
Target raised
Centrica
Jefferies
Hold
Buy
190p
200p
Upgrade; sees 13% EPS CAGR 2026-30 and market overlooking visibility of retail and infrastructure earnings
Chemring
Jefferies
Buy
Buy
658p
660p
Target raised
Chesnara
Berenberg
Buy
Buy
437p
450p
Target raised
Coca-Cola HBC
Barclays
Overweight
Overweight
5,500p
5,300p
Target cut
Coca-Cola HBC
Bernstein
Outperform
Outperform
5,500p
4,750p
Target cut
Coca-Cola HBC
Citigroup
Neutral
Neutral
5,025p
4,000p
Target cut
Cohort
Jefferies
Hold
Hold
1,300p
1,430p
Target raised
Croda International
Barclays
Overweight
Overweight
3,500p
3,800p
Target raised
Croda International
Berenberg
—
—
3,600p
4,400p
Target raised; turnaround risks receding, strong Consumer Care momentum and Life Sciences prospects
Croda International
JPMorgan
Overweight
Overweight
4,000p
4,250p
Target raised
CVS Group
RBC Capital Markets
Outperform
Outperform
1,900p
1,800p
Target cut
Derwent London
Goldman Sachs
Buy
Buy
2,500p
2,510p
Target raised
Diageo
Barclays
Overweight
Overweight
2,230p
2,290p
Target raised
Diageo
Bernstein
Outperform
Outperform
2,440p
2,470p
Target raised
Diageo
Deutsche Bank
Hold
Hold
1,734p
1,740p
Target raised
Diageo
RBC Capital Markets
Outperform
Outperform
2,000p
2,100p
Target raised
eEnergy
Canaccord Genuity
Buy
Buy
9p
0.9p
Target cut to reflect 2.76bn new shares from October placing; balance sheet strengthened
Entain
Berenberg
Buy
Buy
1,090p
1,080p
Target cut
FirstGroup
RBC Capital Markets
Outperform
Outperform
255p
265p
Target raised
Glanbia
Morgan Stanley
Underweight
Underweight
—
€19.20
Target cut (euros; previous target not given)
Haleon
Jefferies
Buy
Hold
400p
320p
Downgrade after growth guidance cut; models ~150bp FY27 margin reset, EPS cut 11%
Harbour Energy
Goldman Sachs
Buy
Buy
350p
360p
Target raised
Helios Towers
Berenberg
Buy
Buy
295p
310p
Target raised after Q3 tenancy beat, third guidance upgrade and strong FY27 outlook
Helios Towers
Deutsche Bank
Buy
Buy
285p
290p
Target raised
Helios Towers
Jefferies
Buy
Buy
300p
315p
Target raised
Hikma Pharmaceuticals
Berenberg
Buy
Buy
2,100p
2,050p
Target cut
Hikma Pharmaceuticals
Deutsche Bank
Buy
Buy
2,050p
2,000p
Target cut
Hiscox
Barclays
Overweight
Overweight
2,070p
2,060p
Target cut
Hiscox
Berenberg
Buy
Buy
2,150p
2,250p
Target raised
Hiscox
Goldman Sachs
Buy
Buy
2,100p
2,200p
Target raised
Hiscox
RBC Capital Markets
Outperform
Outperform
2,000p
2,100p
Target raised
IAG
Bank of America
Buy
Buy
550p
540p
Target cut
IAG
Bernstein
Outperform
Outperform
550p
555p
Target raised
IAG
Goldman Sachs
Buy
Buy
500p
520p
Target raised
Ibstock
Berenberg
Hold
Hold
90p
75p
Target cut after profit warning; 2026 EBITDA guided 20-25% below consensus, leverage above covenant
Ibstock
Deutsche Bank
Hold
Hold
100p
80p
Target cut
ICG
Barclays
Overweight
Overweight
2,700p
2,655p
Target cut
Imperial Brands
JPMorgan
—
Neutral
—
3,200p
Coverage reinitiated
International Workplace Group
Goldman Sachs
Buy
Buy
270p
280p
Target raised
ITV
Deutsche Bank
Hold
Hold
85p
77p
Target cut
JD Sports Fashion
Citigroup
Neutral
Neutral
85p
103p
Target raised
JD Wetherspoon
Jefferies
Buy
Buy
840p
1,190p
Target raised
Kingfisher
Barclays
Equal weight
Equal weight
320p
350p
Target raised
Lancashire Holdings
Barclays
Underweight
Underweight
530p
520p
Target cut
Lancashire Holdings
Goldman Sachs
Buy
Buy
650p
777p
Target raised
Lancashire Holdings
Jefferies
Buy
Buy
691p
703p
Target raised
Legal & General
Jefferies
Underperform
Underperform
191p
192p
Target raised
Lloyds Banking Group
Bank of America
Buy
Buy
140p
130p
Target cut
Lloyds Banking Group
Barclays
Overweight
Overweight
130p
125p
Target cut
Lloyds Banking Group
Jefferies
Buy
Buy
127p
126p
Target cut
Magnum Ice Cream
Goldman Sachs
Sell
Sell
1,550p
1,640p
Target raised
Man Group
Deutsche Bank
Hold
Hold
365p
355p
Target cut
Marks & Spencer
Barclays
Overweight
Overweight
450p
490p
Target raised
Marks & Spencer
Bernstein
Outperform
Outperform
440p
480p
Target raised
Marks & Spencer
Citigroup
Buy
Buy
480p
505p
Target raised
Marks & Spencer
Deutsche Bank
Buy
Buy
435p
470p
Target raised
Marks & Spencer
Goldman Sachs
Buy
Buy
470p
510p
Target raised
Marks & Spencer
Jefferies
Buy
Buy
460p
500p
Target raised
Marks & Spencer
RBC Capital Markets
Sector perform
Sector perform
385p
425p
Target raised
Mondi
Barclays
Underweight
Underweight
770p
630p
Target cut
Morgan Advanced Materials
Barclays
Equal weight
Equal weight
270p
300p
Target raised
Morgan Advanced Materials
Deutsche Bank
Hold
Hold
235p
240p
Target raised
National Grid
Goldman Sachs
Buy
Buy
1,294p
1,293p
Target cut
National Grid
Morgan Stanley
Overweight
Overweight
1,400p
1,500p
Target raised
NatWest
Bank of America
Buy
Buy
850p
800p
Target cut
NatWest
Goldman Sachs
Neutral
Neutral
790p
765p
Target cut
Next
Barclays
Equal weight
Equal weight
15,400p
15,500p
Target raised
Next
Goldman Sachs
Buy
Buy
17,000p
17,200p
Target raised
Next
Jefferies
Hold
Hold
15,800p
15,800p
Reiterated after Q3; international growth offsets softer UK, valuation already reflects strength
Next
RBC Capital Markets
Outperform
Outperform
17,000p
17,500p
Target raised
Next 15 Group
Berenberg
Buy
Buy
510p
475p
Target cut
Pennon Group
Barclays
Overweight
Overweight
670p
475p
Target cut
Pennon Group
Goldman Sachs
Neutral
Neutral
406p
425p
Target raised
Pennon Group
JPMorgan
Neutral
Neutral
557p
375p
Target cut
Pets at Home
Barclays
Equal weight
Equal weight
—
265p
Target set (previous not given)
Pets at Home
Jefferies
Buy
Buy
265p
305p
Target raised
Prudential
Bank of America
Buy
Buy
1,370p
1,360p
Target cut
Prudential
Barclays
Overweight
Overweight
1,400p
1,385p
Target cut
Prudential
Jefferies
Buy
Buy
1,500p
1,450p
Target cut
Qinetiq
Jefferies
Hold
Hold
487p
525p
Target raised
Quilter
RBC Capital Markets
Outperform
Outperform
235p
240p
Target raised
Rightmove
Barclays
Underweight
Underweight
460p
500p
Target raised
Rightmove
Berenberg
Buy
Buy
575p
665p
Target raised
Rightmove
Bernstein
Outperform
Outperform
573p
565p
Target cut
Rightmove
Citigroup
Neutral
Neutral
486p
580p
Target raised
Rightmove
Goldman Sachs
Neutral
Neutral
505p
524p
Target raised
Rightmove
UBS
Neutral
Neutral
490p
510p
Target raised
Rolls-Royce
Bank of America
Buy
Buy
1,850p
1,625p
Target cut
RS Group
Barclays
Overweight
Overweight
800p
900p
Target raised
RS Group
Deutsche Bank
Buy
Buy
850p
885p
Target raised
RS Group
RBC Capital Markets
Outperform
Outperform
780p
840p
Target raised
Ryanair
Barclays
Equal weight
Overweight
€24
€29
Upgrade and target raised (euros)
Ryanair
Citigroup
Buy
Buy
€31.30
€32
Target raised (euros)
Ryanair
Goldman Sachs
Neutral
Neutral
€26
€27
Target raised (euros)
Ryanair
JPMorgan
Overweight
Overweight
€29
€30
Target raised (euros)
Ryanair
RBC Capital Markets
Outperform
Outperform
€28
€27.50
Target cut (euros)
Severn Trent
Barclays
Equal weight
Equal weight
3,385p
3,685p
Target raised
Severn Trent
Goldman Sachs
Sell
Sell
2,972p
3,116p
Target raised
Severn Trent
JPMorgan
Neutral
Neutral
3,225p
3,310p
Target raised
Shell
LBBW
Buy
Buy
3,600p
4,300p
Target raised
Shell
Santander
Outperform
Neutral
4,150p
4,100p
Downgrade and target cut
Smith & Nephew
Barclays
Underweight
Underweight
1,050p
1,020p
Target cut
Smith & Nephew
Citigroup
Buy
Buy
1,550p
1,380p
Target cut
Smith & Nephew
Jefferies
Buy
Buy
1,500p
1,400p
Target cut
Smith & Nephew
Oddo BHF
Neutral
Neutral
1,240p
1,220p
Target cut
Smith & Nephew
UBS
Neutral
Neutral
1,120p
1,210p
Target raised
Smiths News
Berenberg
Buy
Buy
88p
110p
Target raised
St James’s Place
JPMorgan
Neutral
Neutral
1,381p
1,391p
Target raised
Tatton Asset Management
RBC Capital Markets
Outperform
Outperform
900p
925p
Target raised
Tesco
Citigroup
—
Buy
—
545p
Coverage resumed
Trainline
Barclays
Underweight
Underweight
190p
185p
Target cut
Trainline
JPMorgan
Underweight
Underweight
185p
175p
Target cut
Unilever
Deutsche Bank
Hold
Hold
5,150p
5,300p
Target raised
United Utilities
Barclays
Overweight
Overweight
1,535p
1,700p
Target raised
United Utilities
Goldman Sachs
Neutral
Neutral
1,523p
1,577p
Target raised
United Utilities
JPMorgan
Neutral
Neutral
1,450p
1,590p
Target raised
Vaalco Energy
Canaccord Genuity
Buy
Buy
800p
765p
Target cut on updated production guidance and higher net debt; cash flow uplift expected from Q4
Vistry
Davy
Neutral
Underperform
325p
216p
Downgrade and target cut
Vistry
UBS
Neutral
Neutral
300p
270p
Target cut
Weir Group
Barclays
Overweight
Overweight
3,750p
3,500p
Target cut
Weir Group
Citigroup
Buy
Buy
3,050p
2,900p
Target cut
Whitbread
Barclays
Equal weight
Equal weight
2,200p
2,800p
Target raised
Whitbread
JPMorgan
Neutral
Neutral
2,740p
3,100p
Target raised
Whitbread
UBS
Buy
Buy
3,150p
3,310p
Target raised
WPP
Citigroup
Neutral
Neutral
450p
475p
Target raised
WPP
UBS
Sell
Sell
250p
310p
Target raised