JP Morgan rates the drinks giant as “overweight” with a target price of €71, ahead of a first quarter sales report on 20 October. The broker forecasts sales of €1.95bn versus a company consensus of €1.91bn, and organic sales growth of 5.6 per cent for 2012 against a consensus of 6.1 per cent. Sales are expected to be more muted in the Americas and Europe, with lower gross margin expansion seen as a result.

Morgan Stanley rates the watch group as “underweight” with a target price of CHF342, and says the stock’s risk-reward is turning less favourable given the risks of the wholesale channel, and deteriorating mid-tier luxury demand. The broker assumes sales within Swatch’s watch and jewellery division will fall seven per cent in 2012, but says the stock remains inexpensive compared to its sector peers.

Goldman Sachs downgrades the estate agent and developer to “neutral” from “buy” following the stock’s recent outperformance, and sees better opportunities elsewhere in the sector. The broker expects average revenue per advertiser to reach £440 for 2011, and £500 in 2012. It forecasts underlying operating margins to progress to 70.3 per cent in 2011 and 71.6 per cent in 2012.