Broker tips: Next, Standard Chartered, Logica

Prime Markets reiterated its buy rating on Next following the retailer's third quarter statement, saying that the firm has delivered an "exceptional performance in a challenging year".Prime Markets' head of dealing Richard Curr said, "Evergreen retailer and sector bellwether Next has delivered an exceptional performance throughout 2011, not only showing remarkable resilience during the August crash, but delivering an exceptionally strong recovery after that."The broker expects the stock to re-test the late-September/early-October upper resistance level of 2,750p.Evolution Securities has downgraded banking giant Standard Chartered from buy to neutral, highlighting the stock's recent strong performance and continuing headwinds.In the broker's last Standard Chartered note on 6 October, it predicted that today's third quarter statement would "stand out in the gloom" and meet market expectations. Analyst Ian Gordon said that this morning's statement generally meets this description, but "making the numbers has perhaps been a bit more of a stretch". While Evolution still likes the group's "attractive long-term growth story", it moves the rating to neutral, saying that there is better near-term value in peers Barclays and RBS. A 1,800p target price is left unchanged.While shares in Logica dropped today after the group's disappointing third quarter update, brokers expressed mixed views on the stock.Panmure Gordon actually said that it was pleased with the interim management statement - whilst investors were clearly not, with shares down 8.21% at 82.15p by 11:20 - saying it had already flagged that this would be the case. Panmure keeps its buy rating and 129p target price, saying that "it could have been worse".Nevertheless, Peel Hunt notes that the stock traded at seven times prospective earnings before today's statement. "This should limit downside but the weakening order book gives us little confidence that any good news is around the corner. We will need to re-visit our 2012 forecasts before reviewing our buy recommendation." A 115p target was kept.Singer Capital Markets however, has placed its buy rating and 163p target price under review after the statement. "The challenging European economic outlook clearly affects sentiment on the stock and today's revised guidance, whilst arguably somewhat reflected in consensus forecasts already is still disappointing," Singer said.BC