Goldman Sachs has downgraded the brewer to “neutral” following recent outperformance, and has a target price of 428 crowns. While the firm’s results last week were strong, the broker now sees better upside potential elsewhere in the drinks sector, given Carlsberg’s exposure to the competitive western European markets. Goldman expects Carlsberg’s Russian beer market to improve next year, but thinks this recovery is already priced in.

Evolution rates the engineering group “buy” with a target price of £23. The broker sees the firm’s recent interim results as solid, with nine per cent revenue growth and a six per cent rise in pre-tax profits. Despite the strong figures, Evo expects some profit-taking in the near-term, taking Aveva’s share price back to the £15 level. It also notes that the firm’s 2012 figures depend on a bounce-back in the Chinese market.

Investec rates the telecoms group “buy” with a target price of 59p, leaving its guidance unchanged following the surprise departure of chief executive John Pluthero. The broker thinks the firm is being sensible by scrapping its dividend until the business is cash flow positive, helping to build on its in-line results reported on Tuesday. Investec also sees CWW’s writedowns as a necessary part of clearing the decks for the future.