Numis downgrades RAB Capital (LSE: RAB.L - news) to reduce from buy and Charlamagne Capital to hold from buy in a review of asset managers.

Goldman Sachs (NYSE: GS - news) re-initiates coverage of Carphone Warehouse (LSE: CPW.L - news) with a buy
Arden Partners (LSE: ARDN.L - news) has a sell for Hargreaves Lansdown (LSE: HL.L - news) and buys for Hanson Global and KBC Advanced Technologies

Landsbanki has buys for SDL (LSE: SDL.L - news) , Synergy Healthcare (LSE: SYR.L - news) , Dunelm and Omega Diagnostics (LSE: ODX.L - news) and downgrades BTG (LSE: BGC.L - news) to hold from buy

Investec (LSE: INVP.L - news) initiates coverage of Gooch & Housego with a buy and 325p target
FinnCap has buys for Morgan Crucible (LSE: MGCR.L - news) , Axeon and Platinum Australia

Cazenove downgrades Royal Bank of Scotland (LSE: 91ID.L - news) to sell from neutral
ABN Amro (Amsterdam: ABAGB.AS - news) , in a cautious note on UK housebuilders, downgrades Taylor Wimpey (LSE: TW.L - news) to sell from hold, cutting target to 19p from 128p, has a sell for Persimmon (LSE: PSN.L - news) , cutting target to 14p from 500p and a sell for Barratt, cutting target to 30p from 229p and retains hold for Bellway (LSE: BWY.L - news) , cutting target to 415p from 600p, a hold for Berkeley, cutting target to 590p from 900p, a hold for Bovis Homes, cutting target to 300p from 450p and a hold for Redrow (LSE: RDW.L - news) , cutting target to 110p from 250p.

Numis has a buy and 250p target for Morgan Crucible and an add and £13 target for Ultra

Seymour Pierce has buys for Antisoma (LSE: ASM.L - news) and Hambledon Mining (LSE: HMB.L - news) and a buy and 380p target for Michael Page (LSE: MPI.L - news) . The boker has upgraded its gold price forecast to $900 from $850 an ounce.

ABN Amro upgrades ARM Holdings (LSE: ARM.L - news) to hold from sell with an 83p target
JP Morgan upgrades Sainsbury (LSE: SBRY.L - news) to overweight from neutral and Tesco (LSE: TSCO.L - news) to neutral from underweight

UBS (Virt-X: UBSN.VX - news) upgrades BT Group (LSE: BT-A.L - news) to neutral from sell, cutting target to 210p from 215p, upgrades ARM Holdings to buy from neutral, cutting target to 106p from 111p and downgrsdes Autonomy to neutral from buy with a £10.50 target

Deutsche Bank (Frankfurt: DB9999 - news) downgrades AstraZeneca (LSE: AZN.L - news) to hold from sell with a £24 target
Citigroup (ASFZ.PK - news) upgrades Amec (LSE: AMEC.L - news) to buy from hold, raising target to £10 from 815p

ING, in Western European strategy note, has cut its stance on the insurance sector to underweight from neutral, upgrades healthcare sector to overweight from neutral and upgrades telecoms sector to overweight from neutral