<strong>CABLE & WIRELESS</strong><br />After a 45 per cent underperformance, Investec said that negative fundamentals are increasingly factored into the concensus for Cable & Wireless, making a share price re-rating overdue. The broker said that demerger hopes could move the shares higher and upgraded the stock to “hold” with a new target price of 140p.<br /><br /><strong>BLUEBAY ASSET MANAGEMENT</strong><br />Citigroup upgraded BlueBay Asset Management to “buy”, from “hold”, with a new target price of 435p. Despite a strong outperformance this year, the broker believes the firm still offers positive share price momentum. Its first-quarter management statement provided good reassurance on flows and fund performance, Citi said.<br /><br /><strong>AVEVA</strong><br />A follow-up call with Aveva caused Panmure Gordon to revise its original thinking on the firm’s interim results, with the cost-reduction programme yielding results soon that the broker expected. The broker said that its interim forecasts were too light, bumped up its full-year profit estimates and upgraded the stock to “buy”.