<strong>AEGIS</strong><br />Nomura reduced its full-year earnings per share forecast for Aegis from 8.8p to 8.1p to reflect adverse exchange rate movements and a slightly more cautious view on media buying margins. The broker expects client spending trends to improve as the recession begins to ease, and rates the stock “neutral” with a 114p price target. <br /><br /><strong>TT ELECTRONICS</strong><br />KBC Peel Hunt said that liquidity concerns have been removed since TT’s management team has aggressively cut costs to reduce group debt. The broker upgraded its 2010 pre-tax profit estimates by £4.5m to £6.9m, saying it expects further cost savings next year and for the shares to move sharply higher. It has a “buy” rating on the stock with a 78p target price.<br /><br /><strong>DIAGEO</strong><br />Diageo was downgraded from “add” to “neutral” by Evolution Securities ahead of its full-year results on 27 August. Evo believes that while the group will continue perform better than its peers this year, lacklustre top-line growth, slowing foreign exchange tailwinds and the drag of a poorly performing Moet Hennessy leave little reason to be bullish about the stock.