Broker tips: Glaxosmithkline, AB Foods, De La Rue

Credit Suisse has slashed its earnings forecasts for Glaxosmithkline (GSK) before an expected restatement of divisional reporting at the pharmaceutical group.The bank has trimmed its target price for the stock from 1,475p to 1,400p and maintained an 'underperform' rating. It said that GSK's shares trade at a 10% price-to-earnings premium to other major European pharmaceutical groups.Ongoing troubles at Associated British Foods' (ABF) sugar business continue to "hold back progress" at the company, according to Shore Capital which kept a 'hold' rating on the stock.The broker kept its cautious view on the stock, which trades at a "demanding" 27.5 times earnings multiple on next year's estimates. It said: "We struggle to see upside on a six-month view, and potentially longer, we therefore reiterate our 'hold' recommendation."The news that De La Rue has won 'preferred bidder' status on a Bank of England bank note contract should help reassure investors, according to Investec which repeated its 'buy' recommendation for the stock on Monday."The share price has been under severe pressure in recent months given investor concerns over the impact on the financials and sentiment from the potential loss of its highest profile contract," said analyst Thomas Rands from Investec. "As such re-securing the contract should alleviate these concerns and we would expect the share price to bounce strongly this morning," he said.