Espirito Santo rates the airline “buy” and has a target price of €4.60. The broker is expecting the firm to post a net loss of €18m in its quarterly results next week, on revenues of €806m. It thinks Ryanair’s current trading is on track and that the firm’s decision to cut capacity over the winter has helped its performance. However, Espirito Santo remains cautious over the short-term.

Panmure Gordon has upgraded the supermarket to “buy”, with a target price of 350p. The broker has upgraded Sainsbury on the basis of its strong dividend yield of 5.4 per cent, plus its 41 per cent trading discount to the firm’s current net asset value. Panmure also holds a positive view on Tesco, despite its recent profit warning, as it believes the food market is still growing.

Liberum rates the clothes retailer “sell” with a target price of SEK170. The broker expects to see a 0.9 per cent slowdown in like-for-like sales when the firm reports full year results tomorrow. It blames increased competition in its European markets for the slump, and thinks H&M should revamp its stores to appeal to more aspirational shoppers in the region.