Broker tips: SABMiller, Johnson Matthey, Kingfisher

Jefferies has reiterated its 'buy' rating and 2,990p target price for drinks group SABMiller after a better-than-expected first half.The broker said: "The flat share price performance of SABMiller since the trading update in October has seen its peers catch up in terms of valuation with the company trading on a calendar 2013 price-to-earnings multiple of 15.8x (vs peers on c. 14.3x) which we believe remains attractive given SABMiller's higher-growth profile and strong emerging market footprint."Shares in chemicals group Johnson Matthey rebounded on Thursday morning following a sharp fall the day before, with Credit Suisse providing a lift after upgrading its rating for the stock from 'neutral' to 'outperform'."We think the short-term negatives have now been flagged and are in the share price. Mid-term, we forecast good growth, and believe the shares are at a reasonable price."Third-quarter profits at B&Q and Screwfix owner Kingfisher are expected to fall when its reports next Thursday but Panmure Gordon remained upbeat today with a 'buy' rating and 350p target price."We remain buyers on the view that the long term outlook for earnings remains good. Also, at some stage, there might be some help from the UK economy and, in the meantime, self-help opportunities should support profits and therefore the shares."BC