We made Braemar one of our Top Picks for 2015 given the potential upside to our profit forecasts from the stronger dollar, retention of more of the £4m cost-savings and better rates in some shipping markets (tankers). With these themes intact, we increased our target price to 575p from 545p when it reported FY2015 results in May. While we make no changes to our headline forecasts on the back of the strong H1 2016 results we have increased confidence in the sustainability of the dividend
