<strong>CARPHONE WAREHOUSE</strong><br />Investec said that Carphone Warehouse’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 “sell” with a 140p target price.<br /><br /><strong>BELLWAY</strong><br />Bellway’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’s view on market conditions. Whilst the analysts believe that Bellway is one of the best quality operators in the sector, their recommendation of “sell” 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 £300m), together with the financial flexibility to pursue earnings accretive aquisitions, drives upside risk to forecasts for Debenhams, said Citigroup. The broker reiterated its “buy” recommendation on the stock with a target price of 100p.