UBS has upgraded the London GDR listing of the Russian fertiliser group from “sell” to “neutral” after a sell-off over the past couple of months that has seen the stock lose nearly 30 per cent. The broker sees no reason to change its 2012 estimates or price target of $9, despite a weak market outlook and unclear demand implying some downside risk.

Investec has reduced its recommendation on the gold mining business from “buy” to “hold” ahead of results on 6 February. The broker has reviewed its production forecasts and earnings to incorporate recent changes to its gold price assumptions, considerably lowering estimates for 2012 and 2013. Investec has also lowered its target price from 7,332p to 7,303p.

Brewin Dolphin has downgraded the healthcare equipment and services provider from “add” to “hold” as the shares move closer to its target price of 943p ahead of third-quarter results in February. The broker expects second-half sales growth of 13 per cent, and remains positive on Synergy in the mid-term given the structural and international growth angle to the investment case.