<strong>UNILEVER</strong><br />JP Morgan said that Unilever is on a path to growth and a higher valuation as it upgraded the stock to &ldquo;overweight&rdquo;. The broker said that, despite outperforming most peers in the year-to-date, Unilever still trades at discounts of nine per cent and 13 per cent to peers in foods and households and personal care respectively.<br /><br /><strong>VODAFONE</strong><br />UBS downgraded Vodafone to &ldquo;neutral&rdquo; with a reduced target price of 115p from 150p previously. Economic pressures, market share loss and foreign exchange all combined to put pressure on the broker&rsquo;s earnings estimates and it expects a decline of 11 per cent this year, adding that stemming the share loss could be costly.<br /><br /><strong>SAGE</strong><br />Panmure Gordon said that there is a &ldquo;scramble&rdquo; amongst Sage&rsquo;s US channel partners following the news of the demise of its largest US partner, MIS. But the broker said that its bottom of the range forecasts have always been based on a poor US market and retains its &ldquo;hold&rdquo; recommendation with a 203p target price.