UBS downgrades Interserve to “sell” from “neutral” with an 180p price target warning it faces “serious headwinds” going forward. Expects significant revenue drop in UK construction of 32 per cent from peak to trough resulting in an 85 per cent fall in divisional profit. Believes support services margin pressure will also persist.

Deutsche Bank reiterates its “buy” rating on ING saying its second quarter results indicate it is back on track towards normality. Says its ability to generate “substantial” amounts of capital organically is “abundantly clear”, yet says the shares’ valuation does not reflect this noting it currently trades at 0.7 times net asset value.

RBS reiterates its “Buy” rating on Premier Foods saying its current valuation of four times price to earnings ratio for 2010 is unjustified. Notes its first half results beat market expectations yet the shares have failed to react accordingly. Believes that the shares could double in value between the next 12 to 18 months.