Citi Research has cut its recommendation for mining giant BHP Billiton from 'buy' to 'neutral', saying that positives are now priced in after a 'good run'.

In a research report on Thursday morning, the US broker said that while the stock remains a core holding in the resources sector, "arguably the positive catalysts of capex cuts and cost reductions are now priced in".

Investec has highlighted a number of positives to take away from BAE Systems' 2012 results, but has retained its 'hold' rating and 325p target price for the defence group, voicing underlying concerns about the US 'sequester'.

While the stock is "cheap" - trading at just 7.6 times 2013 earnings - Investec said that US problems "are looming ever larger": "If sequestration does happen, then it is very difficult to gauge the full impact on our forecasts for BAE and the other UK defence stocks."

Canaccord Genuity has upped its target price for High Street bookie Ladbrokes from 225p to 255p and kept its 'buy' rating after the company's 2012 results came in ahead of forecasts.

The broker said: "Our bullish stance on Ladbrokes has been based on upward pressure on medium-term forecasts from improved Retail growth (store expansion, machine yields), rapid de-levering (aided by cash flows from High Rollers) and a significant opportunity to ramp up Digital profits from a disappointingly low level. There is nothing in these results to change our view, and the year has started well."

BC

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BAE Systems (BA.) share price
BHP Billiton (BLT) share price
Ladbrokes (LAD) share price