<strong>BHP BILLITON</strong><br />BHP Billiton’s full-year results emphasised its balance sheet derived resilience, according to Evolution Securities, which was also impressed by the margin performance that the group extracted from its oil and gas divisions. The broker also said that revenues came in ahead of expectation. It upgraded its target price from 1,025p to 1,200p but retained its “sell” stance.<br /><br /><strong>BRITISH LAND</strong><br />Societe Generale downgraded British Land from “buy” to “hold” after the firm’s first quarter results highlighted how it is struggling to deliver rental growth in the current market despite having one of the largest rental income backlogs in the sector. The broker said that the company needs to pursue disposals to reduce its relatively high loan-to-value ratio.<br /><br /><strong>LLOYDS BANKING GROUP</strong><br />Royal Bank of Scotland said that Lloyds Banking Group offers a compelling restructuring opportunity. It said that margin expansion, cost control and normalising bad debts are all key to a rise in return on funded assets to 1.1 per cent. The broker upgraded its recommendation on the stock from “hold” to “buy”, and raised the target price to £1.50 from 60p.