<strong>TAYLOR WIMPEY</strong><br />Panmure Gordon changed its recommendation on Taylor Wimpey from “hold” to “sell”. The broker said that, although it believes the firm is now on a much more stable footing following its rights issue earlier this year, the stock’s valuation versus the value of its sector peers has now run a little ahead of itself. In Panmure’s view there is no reason why Taylor Wimpey should trade of a premium to its assets, and it has a 39p target price.<br /><br /><strong>TRINITY MIRROR</strong><br />Royal Bank of Scotland moved Trinity Mirror back to a “sell” recommendation, from “hold”, saying the publisher’s share price already reflects a recovery, which may be more muted than expected given the broker’s structural concerns on the regional newspaper industry, and circulation concerns at The Mirror. RBS raised its target price to 130p, largely due to a lower pension deficit estimate and a lower capital expenditure forecast.<br /><br /><strong>BRITISH LAND</strong><br />Morgan Stanley said that it still finds British Land’s valuation demanding after incorporating the group’s 50 per cent sale of Broadgate into its numbers. The broker thinks that the reinvestment programme will be accretive to earnings, but that there will be an initial dilution owing to the Broadgate sale. It said that investors are pricing in more growth than is likely to materialise medium-term and reiterated its “equal weight” rating.