* Cazenove downgrades *Bluebay Asset Management (LSE: BBAY.L - news) * to
underperform from in-line, downgrades *Trinity Mirror (LSE: TNI.L - news) * to
underperform from in-line and reiterates outpeform for *Carillion (LSE: CLLN.L - news) *

* Merrill Lynch (NYSE: MER - news) upgrades *ICAP (LSE: IAP.L - news) * to buy from neutral, cutting target
to 650p from 689p

* Numis has a buy and 400p target for *ASOS (LSE: ASC.L - news) ,* a buy and 425p
target for *Carillion,* an add and 123p target for *Clapham House (LSE: CPH.L - news) ,* a
buy and 880p target for *Keller Group,* an add and 300p target for
*Micro Focus (LSE: MCRO.L - news) ,* a buy and 235p target for *RM (LSE: RM.L - news) ,* a buy and 100p
target for *THB* and a hold and 145p target for *Trinity Mirror*

* Arden Partners (LSE: ARDN.L - news) has a buy for *Rotork (LSE: ROR.L - news) *

* Kaupthing is positive on *ASOS* with a 350p target

* Investec (LSE: INVP.L - news) has a buy for *Anite (LSE: AIE.L - news) ,* cutting target to 49p from 55p

* Seymour Pierce downgrades *ASOS* to hold from buy, has a buy
for *Leyshon Resources (LSE: LRL.L - news) ,* reiterates sell for *Lonmin (LSE: LMI.L - news) ,* has a buy and
114p target for *Minoan* and a buy and 520p target for *Serco*

* Daniel Stewart has a buy for *ASOS*

* Citigroup (ASFZ.PK - news) initiates coverage of *United* with a hold and 245p target

* ABN Amro (Amsterdam: ABAGB.AS - news) , in a note on *Lloyd's insurers,* downgrades *Amlin (LSE: AML.L - news) ,*
*Lancashire Holdings (LSE: LRE.L - news) * and *Novae* to add from buy, downgrades
*Hiscox (LSE: 179095.L - news) and Chaucer* to hold from buy but upgrades *Beazley* to
buy from add and *Catlin* to buy from hold. The broker has a buy for
*Aker Solutions (Oslo: AKVER.OL - news) *

* Merrill Lynch upgrades *Logca* to neutral from sell with a 125p
target and maintains buy for *Serco*

* JP Morgan has a neutral for *Yell Group (LSE: YELL.L - news) ,* cutting target to 92p
from 510p, reducing estimates, has a neutral for *Autonomy,* an
overweight for *Friends Provident (LSE: FP.L - news) ,* an overweight for *Playtech (LSE: PTEC.L - news) ,* a
neutral for *Prudential* and reiterates overweight for *British Land (LSE: BLND.L - news) *

* Lehman Bros adds *Home Retail (LSE: HOME.L - news) * to its recommended portfolio

* FinnCap has a buy for *Enfis,* cutting target to 156p from 200p

* Morgan Stanley (SPU - news) reiterates overweight for *Carillion*

* Credit Suisse retains overweight stance on *European Telecoms*
with outperforms for *BT Group (LSE: BT-A.L - news) ,* cutting target to 200p from 220p
and *Vodafone (LSE: VOD.L - news) * cutting target to 180p. The broker has a neutral for
*Oilexco (OIL.TO - news) ,* raising target to £13.41 from £11.34, has an outperform
and 205p target for *Moneysupermarket.com,* cutting estimates
and reitains its overweight stance in the metals and mining sector,
with *Kazakhmys (LSE: KAZ.L - news) * a standout valuation play

* Deutsche Bank (Frankfurt: DB9999 - news) has a hold for *DSG International (LSE: DSGI.L - news) ,* cutting target
price and has a buy for *Eurasian Natural Resources,* raising target
to £18.10 frim £15.50

* Sanford Bernstein, in a note on food retailers, reiterates outperform
for *Tesco (LSE: TSCO.L - news) ,* has an outperform for *Sainsbury (LSE: SBRY.L - news) * and a market perform
for *William Morrison*

* Goldman Sachs (NYSE: GS - news) reiterates neutral for *Carpetright (LSE: CPR.L - news) ,* cutting target
to 670p from 810p, a buy for *Cineworld,* cutting target to 175p from
190p, a sell for *Findel (LSE: FDL.L - news) ,* cutting target to 162p from 180p, a neutral
for *Greggs (LSE: GRG.L - news) ,* cutting target toi £44 from £46, a sell for *Headlam,*
cutting target to 330p from 342p, a neutral for *Holidaybreak (LSE: HBR.L - news) ,*
cutting target to 570p from 590p, a neutral for *JJB Sports (LSE: JJB.L - news) ,* cutting
target to 120p from 135p, a neutral for *Luminar (LSE: LMR.L - news) ,* cutting target to
320p from 335p, a sell for *Majestic Wine,* cutting target to 190p
from 200p, a neutral for *Micro Focus,* raising target to 320p from
300p, a neutral for *Rentokil Initial (LSE: RTO.L - news) ,* raising target to 106p from 91p,
a neutral for *Rightmove (LSE: GB00B0MFTM73.L - news) ,* cutting target to 320p from 430p, a buy for
*Ted Baker (LSE: TBK.L - news) ,* cutting target to 550p from 600p, a buy for *Topps
Tiles,* cutting target to 110p from 128p and downgrades *French
Connection* to neutral from buy, cutting target to 92p from
119p