Broker tips: Lloyds, Glencore Xstrata, Bunzl...

The sale of a six per cent stake in Lloyds by the government was a 'very well-timed' disposal, according to Investec.Investec analyst Ian Gordon said: "We regard the government's timing as impeccable, and it appears credible to suggest that it could yet be out in full by the election." Nevertheless, the broker retained its 'sell' rating and 65p target price for the stock, highlighting that it trades at 1.4 times 2013 estimate tangible net asset value - "close to a near-five-year high".UBS has downgraded its rating for diversified mining giant Glencore Xstrata from 'buy' to 'neutral', raising concerns about the "challenging" price outlook for the company.The Swiss bank said: "While we are still attracted to GLENX's refreshing strategy and improving free cash flow profile, we expect its valuation to cap performance until the outlook improves for copper/coal prices."Deutsche Bank has raised its target price for distribution and outsourcing group Bunzl by over a fifth to include the benefit of potential merger & acquisition (M&A) activity.The target price has been raised by 22.9% from 1,160p to 1,426p. "We do not forecast earnings from future M&A, but have now incorporated an M&A benefit in our target price," the German bank said. Deutsche Bank reckons that future M&A could add 111p to its underlying target of 1,315p.Travel stocks were performing well on Tuesday after upbeat comments on the UK bus and rail markets from JPMorgan Cazenove. The US bank raised its ratings for both Go-Ahead (GOG) and Stagecoach (SGC) from 'neutral' to 'overweight'.Analysts Wenchang Ma and Christopher Combe said: "We upgrade GOG and SGC to 'overweight' on the back of: (1) high exposure to the more cyclical deregulated UK bus, a likely beneficiary of firming macro prospects mirrored by upward gross domestic product revisions; (2) sizeable upside potential from Rail, a small contributor to valuation today."BC