<strong>AGA RANGEMASTER GROUP<br /></strong>Noble initiated coverage of Aga with a “positive” rating, and a target price of 162p, corresponding to a 19 per cent upside. The broker said that, as Aga’s brands find deeper and broader resonance amongst the well-heeled in the UK, Europe and North America, its current commodity-like rating will appear increasingly undeserved. Noble said that Aga’s recent interims confirm that now is the time to pick up a gem.<br /><strong>ITV</strong><br />Goldman Sachs downgraded ITV from “buy” to “neutral” after a period of outperformance versus the media sector. The broker said that the stock now offers less upside potential to its price target of 58p. It also “modestly” trimmed its 2009 forecasts for a weaker-than-expected third quarter TVmarket recovery and increased stock risk profile going in the new chief executive appointment.<br /><br /><strong>PSION</strong><br />KBC Peel Hunt initiated coverage on Psion with a “buy” recommendation, saying that its new management team and deep restructuring are restoring acceptable returns to the business. The broker sees much greater balance sheet efficiency going forward, and said that management’s realistic target of a 10 per cent return on sales drives a fair value target of 135p, 44 per cent the current share price.