Numis has cut its forecasts on HMV and shifted its recommendation to “hold” despite the retailer’s Christmas trading update which was in line with market expectations. Numis said the decline in HMV’s sales categories along with its growing fixed cost base meant the potential for profitability to evaporate was clear.

Canaccord Adams has retained its “buy” rating on Petropavlovsk despite trimming its forecasts for net asset value from 1,734p to 1,549p a share. Last week the firm announced a $300m (£185m) offering of convertible bonds which Canaccord Adams said raised “a few questions” coming less than four weeks after a similar offering.

Panmure Gordon analysts said Filtronic’s half-year results were in line with expectations and had featured a new customer win which underpinned its forecasts. The broker said pent-up demand should drive a recovery, meaning its forecasts were cautious and the current enterprise value of £8m significantly undervalued the business.