<strong>TUI TRAVEL</strong><br />Citigroup upgraded TUI Travel to “buy” to take into account improved booking trend data and the economic outlook. It raised its earnings per share estimates by 12.5 per cent to 23.5p. But the broker sees downside risk as the shares are likely to be driven by rival Thomas Cook, which is the subject of speculations over a placing.<br /><br /><strong>INCHCAPE</strong><br />Inchcape’s strong first half pre-close trading statement led Nomura to increase its target price to 18.4p from 11.2p. The broker also raised its forecast for the full year, with earnings per share climbing to 117p from 76p, but said that, with a stabilisation of used car prices and the scrappage scheme, there is further upside risk.<br /><br /><strong>MARKS & SPENCER</strong><br />After conducting a review of its forecasts, Investec analysts said they saw no reason to change their their pre-tax profit estimate of £450, for 2010. But they expect a better first quarter sales performance in next week’s statement and say that their valuation is now in line with the sector average, and so move the stock to “hold”.