Broker tips: HSBC, Shell, Keller, Telecity

Shore Capital has repeated its 'hold' recommendation for HSBC, saying that the stock is fully valued after its slightly worse-than-expected interim report.The bank reported a 12% fall in pre-tax profit in the first half, around 1% lower than the consensus forecast, owing to regulation and compliance costs. However, the broker said that the shares are trading at 12.1 times earnings and 1.3 times tangible net asset value with a dividend yield of 4.9% - "We view these metrics as being fair and reiterate out neutral stance".Credit Suisse has lifted its target price for Royal Dutch Shell, saying that the oil major's recent first-half results showed "encouraging signs" and that the business is "firing ahead".The bank said that Shell is its "top pick" among the major European oil and gas producers, reiterating an 'outperform' rating for the shares.Liberum said it sees "compelling attractions" at Keller after better-than-expected first-half results and reiterated guidance from the ground engineering group on Monday."The shares have been weak so should react positively," Liberum said. "The shareholder register may need to transition from momentum to value, but there are compelling attractions for new investors."Small reductions to estimates at Telecity might weigh on the stock in the near term, according to Investec, but the broker said it was still upbeat with a 'buy' rating for the data centre provider."The results were solid, but small headline FX downgrades (circa 2-3%) might constrain short-term performance. Still, Telecity is back on track, and we reiterate our 'buy'."BC