RBS rates the soft drinks maker a “buy” with a £5 target price as it believes Britvic has now hedged against 95 per cent of its input cost inflation – expected to be 9-11 per cent in the UK this year – leaving it protected against further shocks. RBS expects third-quarter trading to be fine, with pricing positive, and said it should benefit from improved distribution and higher cost savings.

Nomura rates the pharma group “reduce”, with a £24 target price, over concerns whether its diabetes drug dapagliflozin will pass a US Food & Drug Administration panel hearing on 19 July. The broker argues that the drug can exacerbate kidney failure so thinks safety concerns are likely to reduce its success, and is therefore 75 per cent behind consensus in terms of 2016 estimated sales.

Investec rates the stock a hold, with a £1.25 target price, as it remains sceptical of Kesa’s commercial strategy for its weakest links, Comet and Developing. It has cut its full year 2012 and 2013 forecasts following the prelims announcement last month, and said it was unclear what the Comet turnaround strategy was. Its target price reflects a sum of the parts valuation.