<strong>ARRIVA</strong><br />Nomura downgraded its 2009 earnings estimates for Arriva, but upgraded its estimates for 2010, saying 2009 “looks set to be the earnings low point”. The broker said that the first half results highlighted a solid performance across divisions, and has a “neutral” stance on the stock with a price target of 473.4p.<br /><br /><strong>JD WETHERSPOON</strong><br />Investec said that its expects another solid set of results from JD Wetherspoon next Friday and has a “buy” recommendation on the stock. The broker believes there is headroom for upgrades and, with an attractive valuation and refinancing options “aplenty”, it sticks with its 565p target price.<br /><br /><strong>WOLSELEY</strong><br />Deutsche Bank changed its forecasts for Wolseley and said that, while its key markets are improving, there may be a better time to buy. The broker has more confidence than before on 2010 earnings, and upgraded its 2011 estimates by 29 per cent. It has a “hold” rating on the stock, with a 1,594p target price.