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Execution Noble has upgraded the supermarket to “buy” with an upgraded fair value price of 475p, following its research on M&S customers. The broker sees the firm’s new strategy as a real driver for sales growth, with the food business as a particularly strong opportunity. It adds that the brand could also cash in on the homewares market, which is ripe for consolidation.

Altium Securities rates the media group “buy” with a reduced target price of 145p. The broker has trimmed its pre-tax profit forecasts for 2011 and 2012 by four and eleven per cent respectively, following a more cautious revenue outlook in last week’s management statement. Altium still views the shares as cheap, but remains wary for future years until more concrete signs of recovery emerge.

BNP Paribas rates the construction firm “neutral” with a reduced target price of 650p. The broker believes there is further pressure on margins from continued slow demand in North America and Europe, with the company forced to cut costs. However, it adds that Keller can maintain its dividend payments despite a 10 per cent earnings per share shortfall, due to its recently-reduced net debt levels.