UBS upgrades the pharma group to “buy” from neutral and increases its target price to 2,400p from 1,850p. The broker sees a recent retreat in the company’s share price as an ideal buying opportunity, and think the consensus 2013 earnings per share are too low. UBS says that consensus prospects on Shire’s ADHD drug Vyanase are overly cautious and expects growth in the market to continue, with a 17.9 per cent market share for Vyanase in 2013.

Goldman Sachs adds the chipmaker to its consensus “buy” list with a target price of 800p, seeing its recent pullback as an attractive entry point into the company’s shares. The broker says near-term demand in consumer electronics may be mixed and depress ARM’s royalty growth in the second half of 2011, but remains positive on growth in smartphones and tablets.

Nomura reiterates its “buy” rating on the Swiss telecoms provider with a target price of CHF430 (£339), despite weak second quarter results that saw group revenue and earning around two per cent below forecasts. The broker says Swisscom is still one of its top defensive picks, and is one of the key winners in the appreciation of the Swiss franc against the dollar and the euro, as 25 per cent of its domestic cost base is denominated in foreign currency.