<strong>ARRIVA</strong><br />Investec was disappointed by Arriva’s trading update, which showed a weakening in all areas of the business, especially the Cross Country rail franchise. The broker said that further deterioration in trading is likely to emerge in time and it expects to downgrade its estimates. Despite a poor share price performance, Investec remains cautious on the shares and retained its “sell” recommendation and placed its price target of 400p under review.<br /><br /><strong>SAFESTORE HOLDINGS</strong><br />Safestore’s interim results demonstrate a defensive business model, said KBC Peel Hunt. Unlike a lot of the listed sector and indeed its near competitor, Big Yellow, it has not requested new equity from its shareholders for either expansion purposes or to recapitalise its balance sheet. The shares have rallied 65 per cent in the last three months, but the company is still rated with a higher discount than its rivals and the broker retained its “buy” rating.<br /><br /><strong>BARCLAYS</strong><br />Deutsche Bank said that the rally in Barclays stock is well-deserved. It was reassured by the equity market’s revised view of the bank’s capital adequacy, proceeds from the BGI sale and confirmation that management have succeeded in significantly shrinking risk-weighted assets in 2009. The broker increased its 2010 forecasts by 26 per cent and retained its “buy” recommendation on the stock with a price target of 365p.