Top 10 stocks on this City firm’s buy list
This team of City experts’ list of high-conviction stocks has outperformed the FTSE 250 index. Graeme Evans names the new additions and those on the way out.
27th March 2025 13:42
by Graeme Evans from interactive investor

A top 10 selection of Buy-rated UK mid-cap stocks has been given an overhaul following the addition of Marks & Spencer Group (LSE:MKS), British Land Co (LSE:BLND) and Endeavour Mining (LSE:EDV).
The trio join Beazley (LSE:BEZ), ConvaTec Group (LSE:CTEC), Domino's Pizza Group (LSE:DOM), IG Group Holdings (LSE:IGG), Persimmon (LSE:PSN), Rightmove (LSE:RMV) and Trustpilot Group (LSE:TRST) in the compilation, which has been put together by analysts at Swiss bank UBS.
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The list was launched last May, since when a return of 6.6% has represented outperformance of about 700 basis points versus the FTSE 250 index.
Whitbread (LSE:WTB), easyJet (LSE:EZJ) and Moonpig Group Ordinary Shares (LSE:MOON) are the stocks to make way for the new entrants, with Marks & Spencer now the largest constituent with a market capitalisation of £7 billion.
On a multiple of ten times earnings, UBS regards the M&S valuation as “extremely attractive”.
It believes the market is “wrongly extrapolating the historical underperformance” and that there’s potential for a re-rating as M&S continues to demonstrate market share gains.
UBS said: “Marks & Spencer is a structural turnaround story which has been consistently gaining market share in the UK in both Food and Clothing and Home. We expect these gains to continue given Marks’ own efforts on assortment, design and supply chain management.”
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The bank has a price target of 450p, which compares with 345.7p earlier today.
On British Land, UBS said it regards a 36% gap to net tangible asset value as an attractive entry point for a quality portfolio that still carries a structural discount from misconceptions over the impact of WFH on the core London office market.
Among the catalysts that could close the discount, UBS highlighted the profit potential of British Land’s City office development at 1 Appold Street.
It is also looking to annual results on 22 May, when UBS expects a return to positive capital growth driven by the strength of the retail warehouse sector.
British Land shares are at 365p, whereas the bank has a price target of 465p.
Endeavour Mining had a difficult 2024 but UBS believes the stock is at a free cash flow inflection.
With higher production, lower capital expenditure and strong gold prices it believes Endeavour is set to deliver rapid debt reduction and cash returns in 2025-26.
UBS also highlights attractive medium-term growth potential through the company’s Assafou project in Ivory Coast.
A record gold price above $3,000 an ounce has helped Endeavour shares to rally 17% this year to 1770p, but UBS regards 2,000p as achievable.
The price targets of its other selections are Beazley (1,090p), ConvaTec (375p), Domino’s Pizza UK (380p), IG Group (1150p), Persimmon (1,540p), Rightmove (835p) and Trustpilot (400p).
The top 10 selection, which is based on the bank’s 95-strong small and mid-cap UK coverage, comes with UK valuations back under pressure at the start of this year.
After a rally in the second half of 2024, the current UK discount is in-line with that seen at the trough of the 2008-09 recession, directly after Brexit and at the peak of the pandemic.
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UBS remains Overweight on the UK but it has moved down the preference list especially in comparison to continental Europe.
It added: “We recognise the need for a tangible catalyst to trigger a re-rating and the anticipated consumer recovery story appears to be materialising slower than expected.
“That said, with underlying macro dynamics continuing to improve, we do think current levels offer substantial opportunity for stock-picking at deep discounts on a 12-month view.”
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.