Shares in precious metals miner Fresnillo were hammered on Friday morning on the back of a downgrade by UBS from 'buy' to 'neutral' after the stock's recent strength.

Since September 10th 2012, Fresnillo has gained 7% while silver prices have fallen 9%. This compares with the average fall for silver stocks (under UBS's coverage) of 2%.

Analyst Chris Lichtenheldt notes that the stock currently trades at 1.26 times net asset value and 18.7 times 2013 cash flow, 48% and 44% higher than the North American peer group, respectively.

While an upcoming LIBOR settlement at Royal Bank of Scotland (RBS) may just be a drop in the ocean compared with last year's PPI redress, Investec has retained its 'sell' recommendation on the stock.

Analyst Ian Gordon said: "In 2013-15e, we see a return to profit with a modest improvement in core profitability (despite an offset from EC-mandated business disposals). However, with a very weak outlook for RoE [return on equity], we remain sellers."

Nomura has lowered its forecasts for High Street retailer Marks & Spencer (M&S) ahead of the group's third-quarter trading update, but has retained its 'buy' rating and 420p target price for the stock.

"In our view, M&S is changing trading stance from one driven by market share (and often promotion), to a more full-price-oriented approach. In our view, this will result in difficult quarters in top-line terms, but over time could help deliver a significant margin opportunity relative to peers."

BC

Related share prices
Marks & Spencer Group (MKS) share price
Royal Bank of Scotland Group (RBS) share price
Fresnillo (FRES) share price