Broker tips: Antofagasta, IHG, ICAP

28th Mar 2013 11:40

Shares in mining giant Antofagasta were under pressure on Thursday after the company announced the anticipated re-start of the Antucoya copper project in Chile, something which Credit Suisse believes rules out a large dividend in 2013.Credit Suisse retained its 'underperform' rating and 1,150p target price for the shares, saying that "growth is likely to be very limited before 2016".Investec has upgraded its rating for InterContinental Hotels Group (IHG) from 'hold' to 'buy' and lifted its target price from 2,000p to 2,100p, following the disposal of IHG Park Lane.It was sold at a 62% premium to book value and earlier than expected, Investec said, which increases the potential for near-term additional cash shareholder returns.UBS has cut its target price for inter-dealer broker (IDB) ICAP from 305p to 290p and retained its 'sell' rating for the stock after Wednesday's gloomy trading update."Although we leave our dividend estimates unchanged, we see a material risk of the company cutting its dividend, and conserve cash to try to grow the business and to build a cash buffer should there be an adverse ruling in the LIBOR investigation."BC