UBS has upgraded the hotels group from “sell” to “neutral” and has upped its target price from 1,300p to 2,100p. The broker sees the firm as a high-quality play on growth in the hotels industry, but points out some growth issues including a slowing rooms pipeline, that it believes the market might not be taking into account.

RBC rates the asset manager “outperform” and has raised its price target by a fifth to 2,400p. The broker expects earnings growth of 14 per cent by 2014 and is impressed by Schroders’ forecast of strong fund flows in the coming year. RBC thinks the firm will achieve a five per cent net inflow this year even if the equity markets stabilise around their current level.

Liberum Capital rates the building group “hold”, cut from a previous “buy” rating, and lowered its target price from 320p to 270p. The broker expects a weak first-half and a frozen dividend payment, though points out that Balfour’s balance sheet is strong in spite of tough trading in the UK. Liberum has stripped out gains made from disposals, and now thinks the shares look expensive compared to the sector.