Shares of internet and catalogue home shopping specialist N. Brown were given a lift on Friday morning after UBS upgraded its rating on the stock from neutral to buy.

"With almost 50% of sales now generated on the internet, significant exposure to a niche, but rapidly growing, oversize clothing market, international growth opportunities and trial UK rollout, N. Brown should continue to outperform its retail peers," analysts at the Swiss bank said.

The broker said that the firm's flexibility to generate sales and ongoing income from its credit offering should be valued at a premium rather than a discount to the sector.

Nevertheless, UBS says it values N. Brown in line with the sector average price-to-earnings (calendar year ending 2012) multiple of 10.4 which equates to a target price of 280p, which is unchanged.

Panmure Gordon has maintained its neutral stance on Aveva, but acknowledges that the third quarter was positive and highlights an increasing momentum in China.

Aveva, the Cambridge based engineering technology company, released a bullish management statement this morning, putting to rest any qualms that it might be suffering similar problems in China to its rival, Invensys. The problem Invensys had were delays to Chinese nuclear projects, where Aveva itself has interests.

However, analyst George O'Connor does say that the shares look expensive, trading a 24.7 times earnings. Nevertheless, "fans will be encouraged about the recovery potential in China," he said.

For Panmure, it seems that the demanding valuation is too high to warrant a more positive stance. The broker retains a hold rating and 1,604p target price.

With BNP Paribas reported to be putting $11bn of loans to oil and gas companies up for sale, Merchant Securities says that AIM-listed resource firms such as Max Petroleum "will become increasingly reliant on funding from the equity market and industry (farm-outs, etc.)."

"Max Petroleum is exposed to this risk as it is based in Kazakhstan, it has a convertible bond of $85.6m outstanding and we expect it will draw fully on its $68.5m credit facility (with Macquarie Bank due March 31st 2013) to fund its first two deep exploration wells," said analyst Brendan Long.

Nevertheless, the broker maintained its buy rating and 25.2p target on the stock. "The first deep well is drilling ahead and if successful would transform Max Petroleum," Long added.

BC

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