<strong>MARSTON’S<br /></strong>UBS said that the fall in the Marston’s share price had triggered a review and its rating upgrade from “sell” to “neutral”, but added that uncertain prospects and the lack of an immediate catalyst mean the shares are not yet a “buy”. The broker commented that the group’s managed pub results have been relatively strong and that it expects results to turn modestly positive in 2010. It decreased its price target on the shares to 85p.<br /><br /><strong>KAZAKHMYS<br /></strong>Nomura downgraded Kazakhmys from “buy” to “reduce” because it believes that the Kakakh tenge currency could be revalued upwards, Kazakh taxes may not fall as much as previously expected and because it feels the stock price seems to fully reflect the strength in copper. The broker said that a 10 per cent appreciation in the Kazakh tenge would reduce the miner’s earnings per share and net asset value by about seven per cent.<br /><br /><strong>PUNCH TAVERNS<br /></strong>Goldman Sachs lowered its price target for Punch Taverns to 106p and maintained its “neutral” stance on the stock, having reflected on the impact of announced disposals and debt buyback on the company’s net debt position. It also decreased its earnings estimates for 2010 and 2011, driven by higher interest and a higher tax rate assumption. It said that key downside risks include greater declines in beer sales than has been estimated.