Nomura has upgraded Burberry (LON:BRBY) to ‘buy’ from ‘neutral’ as the broker looks ahead to potential catalysts coming from the clothes designer’s business review.
“A change of the group’s approach would be a positive to the market,” said Nomura analyst Christopher Walker.
“Despite a recent rebound in the stock, we see potential for a greater valuation if Burberry can successfully drive productivity measures, while being more disciplined on cost and capital allocation.”
With a new price target of 1,500p, Nomura suggests some 22% upside to the current price of 1,228p.
Elsewhere, N+1 Singer had a leisurely look at the market upgrading Cineworld (LON:CNE) to ‘buy’ from ‘hold’, and similarly lifted to Goals Soccer Centres (LON:GOAL) to ‘buy’.
Restaurant Group (LON:RTN), meanwhile, is now seen as a ‘hold’ by N+1 rather than a ‘sell’.
Deutsche Bank and JP Morgan Cazenove both edged their price targets higher for Premier Oil (LON:PMO) after its results yesterday – though the banks kept their recommendations, as ‘buy’ and ‘neutral’ respectively.
At the other end of the recommendations scale, there were a number of downgrades in the mining sector.
Canaccord Genuity cut Anglo American (LON:AAL) to ‘sell’ from ‘hold’, Antofagasta (LON:ANTO) was reduced to ‘sell’ from ‘neutral’ by UBS and Cantor Fitzgerald lowered its target for Griffin Mining (LON:GFM) to 34p from 80p even though its ‘buy’ rating was retained.
North Sea oiler EnQuest (LON:ENQ) was downgraded by RBC Capital to ‘sector perform’ from ‘outperform’.