YELL<br />Morgan Stanley lowered its price target for Yell, which it rates “overweight”, from 115p to 90p, to reflect weaker revenue trends and the dilutive impact of a £500m equity issue. It said that refinancing is the key event for the shares, and that the next catalyst will be the deadline for lenders to accept the new terms on 16 October.<br /><br />BRAMMER<br />KBC Peel Hunt said that Brammer’s impressive key account growth and the tight rein on costs is a powerful earnings growth story for 2010. The broker upgraded the stock to “buy” with an increased target price of 200p. It said that the rights issue finally removes the equity-issue distraction and strengthens the balance sheet.<br /><br />TOMTOM<br />Jefferies International downgraded TomTom to a “hold” rating, with an increased price target of €10.00, saying that it sees price erosion hurting 2010 full year sales and iPhone application optimism stalling. It said that mobile opportunities should extend beyond iPhone, but that the firm’s strategy remains unclear.