Deutsche Bank yesterday downgraded the owner of Costa Coffee and Premier Inn from “buy” to “hold”, despite raising its price target to 2,350p from 2,200p. Analysts at the bank said that after such a strong performance, with shares up 32 per cent in the past year, “we can see a period of consolidation for the shares, absent of any corporate activity or material forecast upgrades”.

Jefferies said yesterday it has decided to downgrade pharmaceuticals giant GlaxoSmithKline from “buy” to “hold” given the limited upside to its new price target of 1,550p. The broker said the weakness in the base business has “unnerved us” and said it was concerned that it has not seen the last of GlaxoSmithKline’s “apparent over-exposure” to price pressure and transfer pricing.

Peel Hunt maintained its “buy” recommendation and 40p price target for Redefine International, after the property fund recently restructured three of the four large, over-leveraged facilities from its legacy Wichford portfolio. The broker expects a material improvement in Redefine’s balance sheet once the company has completed its £100m equity fundraising and restructured its largest “gamma” facility.