Execution Noble maintains a “buy” recommendation for Hardy given the current rating and high quality underwriting on its portfolio in the past. Execution said the group expects premium volume in 2010 to increase to £300m with further growth expected in 2011 as expansion continues through access to new geographies.

Royal Bank of Scotland (RBS) said Iberia’s first quarter results were in line with company sourced consensus figures and issued a “buy” rating. RBS said the tone from the company regarding trading and cost progress was positive, while Iberia was less affected than peers by volcano disruptions.

UBS has issued easyJet with a “neutral” rating and continues to prefer Ryanair. UBS said founder Sir Stelios Haji-Ioannou’s resignation from the board will have an unsettling affect on shareholders and said that despite near term downside risk to the share price it will continue to provide a price target of £5.