Numis said that there is plenty of opportunity for positive change at Ladbrokes and it believes the right jockey is in place to deliver it. Numis gives the bookie a “buy” rating and said that although the going will undoubtedly be tough, it is confident that the next six months will be characterised by news of positive structural change.

JP Morgan Cazenove reiterates an “overweight” rating of Allianz and said that it estimates that Allianz’s dividend could rise to €5.3 for 2010, 19 per cent ahead of consensus. JP Morgan said this would give Allianz a 6.4 per cent yield. JP Morgan said that downside risk is that the 2010 combined ratio fails to improve from 2009.

Bank of American Merrill Lynch (BoAML) has upgraded its recommendation of Spanish oil group Repsol to “buy” following an in-depth review. BoAML said that after a five-year period that saw underlying production contracting 25 per cent, Repsol has now reached a turning point, with operating cash flows set to deliver.