Broker tips: Lloyds, Antofagasta, IHG

12th Mar 2013 11:08

Investec has upgraded its recommendation for UK banking group Lloyds from 'sell' to 'hold' and lifted its target price for the shares from 46p to 50p.The broker said that Lloyds' share price has delivered a "useful" 10% correction over the past two weeks after the company's full-year results. "Alongside modest forecast revisions, this prompts an upgrade to 'hold' (from 'sell'). We still advise relative caution on Lloyds, but we now recommend the closure of naked shorts," said analyst Ian Gordon.Canaccord Genuity has retained its 'hold' rating and 1,175p target price for copper miner Antofagasta following its full-year results, saying that shares are unlikely to continue to rise without an improvement in copper prices."We see limited further upside without further copper price upside driving higher free cash flows and the potential for even larger dividends in the next 12 months."UBS has upgraded its recommendation for hotels group InterContinental (IHG) from 'sell' to 'neutral' and substantially raised its target price from 1,300p to 2,100p, labelling the business a 'high-quality structural story'.The broker said: "We think the market is right to view IHG as a high-quality play on the structural growth of the hotel industry, geared to cyclical recovery. Indeed, we think these attributes explain why the shares have risen more than 30% over the last two years."BC