Broker tips: Weir, William Hill, Millennium & Copthorne

5th Nov 2012 10:57

Investec has put upgraded its forecasts for engineering group Weir after the firm's well-received third-quarter update on Monday.Investec has raised its 2012 adjusted PBT estimate by around 2% from £437m to £445, implying an earnings per share of around 151p. As such, target 1,850p target price is put under review. The broker has maintained its 'buy' rating on the stock, saying that the shares trace at 12 times earnings.UBS has lowered its recommendation for High Street betting chain William Hill from 'buy' to 'neutral' following the stock's impressive outperformance this year.William Hill's shares have risen 70% in 2012 so far and have outperformed the All-Share index by around 60%, against a 15% increase in consensus EPS.Credit Suisse has downgraded hotel group Millennium & Copthorne (M&C) from 'outperform' to 'neutral' given only 7% upside to its 546p target price.The company's third-quarter results announced last week may have been in line with expectations but Credit Suisse said there is "evidence of slowing Asian RevPAR and a lack of near-term positive earnings catalysts with refurb spend only benefitting from late 2014."BC