US heavyweight Jefferies looks at global pharma today and downgraded Glaxo (LON:GSK) and AstraZeneca (LON:AZN).
The broker notes it has taken a "Deep-Dive" on valuations from multiple angles in the light of recent market volatility and "earnings maelstrom", where the "sector put on one of the worst guidance updates in recent years".
It repeats a 'buy' on Astra but cuts the target price down to 4,900p from 5,300p (current price: 4,127p).
It also slashes Glaxo down to 1300p from 1375p (current price: 1,399.5p).
Among other big stocks to see their targets cut by the broker is Eli Lilly, Roche and Bayer.
Abbvie, however, is moved to its Top Global Pick as increased confidence in biosimilar delays, cheap valuation and strong 2016 catalyst set should drive performance, it reckons.
Speaking of pharma firms, Dechra (LON:DPH) comes under scrutiny from Investec, which has a more promining take.
It rates shares a 'buy' and lifts the target to 1,152p from 1,141p and says its first half numbers were "solid" with revenue driven by the performance of North American pharma, the consolidation of Genera and penetration (of CAP/FAP) into new geographies.
Also in analyst world, Coca-Cola (LON:CCH) has its target fizzed up to 1500p from 1400p by Deutsche Bank. The rating is a repeated 'hold'.
Food casings firm Devro PLC (LON:DVO) is moved to 'buy' from 'hold' by Peel Hunt. The target is lifted to 330p from 275p.
"We have had a weak Hold recommendation for the last four years, during which time the shares have fallen by c10%. We now upgrade to Buy and increase our target price to 330p," the broker said.
Peel Hunt said the company has been buffeted by headwinds for the last four years, with currency and input costs impeding performance, resulting in profits falling by 20%.
However, the headwinds are now turning into tailwinds, it reckons, and this should ensure that performance and competitive positioning improve.
"This is particularly helpful for Devro, given that 2016 is a big year for the company with two new plants opening."
The target price on stockbroker Hargreaves Lansdown (LON:HL.) is moved up to 1203p from 1073p by Jefferies and the stance is a repeated 'hold'.
Elsewhere, coloured stones specialist Gemfields (LON:GEM) today reiterated its full-year production guidance as it looked forward to at least three more auctions in the second half of the financial year.
Revenues in the six months to the end of 2015 totalled $94.0mln, down from $103.4mln the year before, reflecting the fact that, while both reporting periods had seen three auctions, the ruby auction in 2014 was for higher quality (and therefore more expensive) stones than the counterpart rough ruby and corundum auction in 2015.
Broker Panmure repeated a 'buy' targeting 64p, saying the numbers were "firmly" in line with the broker's current expectations.
"Operationally, as recently announced, Kagem outperformed expectations. At Montepuez, we believe, production is now settling into a longer term pattern as the company reacts to buyer demands," said analyst Kieron Hodgson.