<strong>CARPHONE WAREHOUSE</strong><br />Investec said that Carphone Warehouse&rsquo;s full year 2009 results were in line, once adjusted to take a new accounting standard into consideration, but are relatively lacklustre as revenues declined 2.7 per cent year-on-year. The demerger deadline has been pushed back to July 2010. The broker reiterates &ldquo;sell&rdquo; with a 140p target price.<br /><br /><strong>BELLWAY</strong><br />Bellway&rsquo;s interim management statement carries a more cautious tone that that of its peers, said Panmure Gordon, though this is more in line with the broker&rsquo;s view on market conditions. Whilst the analysts believe that Bellway is one of the best quality operators in the sector, their recommendation of &ldquo;sell&rdquo; is based on trough net asset valuation. Target price of 667p.<br /><br /><strong>DEBENHAMS</strong><br />The combination of improved recent trading and the prospect of an improved capital structure post-share placing (worth &pound;300m), together with the financial flexibility to pursue earnings accretive aquisitions, drives upside risk to forecasts for Debenhams, said Citigroup. The broker reiterated its &ldquo;buy&rdquo; recommendation on the stock with a target price of 100p.