Numis rates the Falklands energy explorer “buy” and has a target price of 35p, slashed from its previous target of 175p. Despite “disappointing” results at the firm’s Stebbing well, the broker remains convinced that the South Falklands Basin has potential for commercial success. Numis is hoping for positive results from the firm’s Darwin exploration project as soon as next month.

UBS rates the holiday firm “neutral” and has dropped its target price from 21p to 15p. Following a meeting with the firm’s new finance chief, the broker is encouraged by the turnaround plan but remains concerned about the costs involved. UBS expects to see a rationalisation of Thomas Cook’s various brands, with added focus on improving online booking operations.

Charles Stanley has downgraded the utility from “accumulate” to “hold”. The broker does see a positive catalyst for the shares until details of the UK’s regulatory review of the energy market emerge at the end of the year. It warns that the firm could struggle to finance its ambitious capital expenditure programme in light of disagreements with Ofgem.