Citigroup reiterates its “buy” rating for Investec and said that the bank’s client franchise businesses should benefit from an expected cyclical recovery in 2011. Moreover, Citi believes it is in a stronger competitive position than it was before the global financial crisis given the misfortunes of many of its peers.

Evolution Securities maintains a “buy” rating for Santander and said the fiscal consolidation in Spain and UK is great long term news but will put earnings under pressure in 2010-2011. However, Evolution has cut its forecasts by 12 per cent and its target price by 12 per cent. It expects Santander to win the RBS branches sale.

Collins Stewart issues BT with a “buy” recommendation. The broker calculates BT’s March 2011 and 2012 earnings per share numbers have risen three per cent and 9.8 per cent and BT now models a more significant turnaround in cash flow generation, with net debt improvements of 4.7 per cent and 4.3 per cent for 2011 and 2012.

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