AlphaValue has downgraded its rating for UK lender Barclays from add to reduce, saying it is now "adopting a more cautious stance." The broker says that while underlying profits in the fourth quarter were fully in line wit expectations, "in the current economic context, we have decided to adopt a more cautious stance and now assume a delayed and elongated recovery timeframe in capital markets and related activities." This translates to "notable" earnings downgrades to forecasts for the next couple of years.AlphaValue cuts its price target from 283.4p to 243.9p.UBS has maintained its sell rating for Holiday Inn owner InterContinental Hotels Group (IHG) following the firm's full-year results on Tuesday.The firm said that the disposal of the InterContinental Barclay hotel in New York is still ongoing, but UBS thinks that without this, a special dividend may not materialise. "A refurb has already started, perhaps suggesting hopes for a sale near-term are fading," the broker said."With increased maintenance capex of $150m (including the Barclay refurb) and growth capex of $100m-$200m for 2012, some investors may be disappointed the company is seeking growth, at the expense of the fundamental, asset-light model."Nevertheless, the broker raises its price target by 5% from 1,050p to 1,100p after upping its earnings per share estimates for 2012-13.Nomura has slashed its target price for telecoms firm Cable & Wireless Worldwide (CWW), saying that further downgrades to consensus earnings estimates are likely."We expect further downgrades to consensus earnings (we are 6% below on FY13E EBITDA [earnings before interest, tax, depreciation and amortisation]) as weak macroeconomic conditions impact the business, we expect prudent targets in May, and increased investment in high-growth areas drags the bottom line," the broker said.Nomura also cautions that tax assets will dictate Vodafone's bid interest, highlighting the potential utilisation of substantial tax losses ("£4bn relating to CWW's UK entity, £16bn relating to CWW's past US investments"). "The associated financial benefits may support a bid premium too tempting for CWW to spurn given the challenges ahead for the standalone business," the broker said.Its base-case discounted cash flow valuation is 35p, down from 55p previously. A neutral rating is kept.BC