Oilfield services group Petrofac was performing well on Wednesday morning, helped by an upgrade by UBS from 'neutral' to 'buy'.

"We think Petrofac has a solid business model within the onshore engineering & construction (E&C) end market. While Saipem's [Italian peer] warning may have cast doubt on the business model, we think that Petrofac's portfolio of projects is profitable and the order intake momentum is strong and hence we upgrade."

Deutsche Bank has raised its target price for FTSE 250 chip designer Imagination Tech (IMG) and reiterated its 'buy' recommendation for the stock, highlighting the earnings upside from a potential Samsung design win.

Analyst Johannes Schaller said: "With IMG management commenting on re-gaining momentum at Samsung in FY14e (April-end) and Samsung not confirming ARM as the graphics provider at the launch of its latest high-end smartphone processor, we are now getting more confident in potential share re-gains for IMG here."

Data centre operator Telecity's full-year results were as 'solid as a rock', according to Jefferies, which retained its 'buy' rating and 1,020p target price for the stock on Wednesday morning.

"Recent speculation regarding downgrades and capacity delays is evidently misplaced, creating a compelling buying opportunity."

BC

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