Investec has upgraded its recommendation for global banking giant HSBC from 'hold' to 'add' and lifted its price target from 685p to 735p after the stock's recent underperformance.

"After 46 disposals/closures in two years with a wide array of balance sheet/income statement effects, net net, we see HSBC edging closer to its 12% return on equity target in 2013e," the broker said.

Nomura has kept its 'neutral' rating and 1,950p target price for engineering solutions giant Weir after a broadly in-line set of 2012 results.

The broker pointed out that the shares were performing strongly ahead of the results, up 11% relative to the sector over the past month.

Westhouse Securities has retained its 'add' rating and 133p target price for terrestrial broadcaster ITV, saying that the company's results for 2012 show a "robust performance despite a challenging market backdrop".

"We are pleased with this morning's results and comments on recent trading, which represent another step in the successful repositioning of ITV and provide a clear reminder of its powerful cash flow dynamics, resultant income growth prospects and acquisition firepower," said analyst Roddy Davidson.

BC

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