Deutsche Bank rates the miner “buy” with a target price of £19.55. The broker points to the firm’s cost reductions as a highlight of its results on Tuesday, helping to keep balance sheet gearing at 15 per cent and below most of its competitors. While DB has not ruled out further M&A, it believes management see long-term value in organic growth. Risks for the future include weaker commodity prices and a stronger Australian dollar.

Evolution Securities rates the bank “buy” with a target price of 21 Swiss francs. The broker believes its fourth-quarter results suggest a respectable return for investors, despite most of the bank’s divisions operating well below their profit potential. Evo also notes UBS’s industry-leading core tier 1 capital ratio of 15.3 per cent, giving it space to resume payouts while limiting the company’s risks from contingent convertibles.

RBS has upgraded the microelectronics firm from “hold” to “buy” with a new target price of 350p. The broker expects margins of 20 per cent in the second half of 2011, which it sees pushing up the stock price. RBS thinks Wolfson is ideally placed to benefit from 130 per cent forecast growth in Android-based devices this year, while also diversifying its product base to include higher margin goods such as power management.