Credit Suisse remains positive towards telecoms giant BT after the third quarter results beat consensus estimates and highlighted the continuing improvement in fixed-line loss and retail broadband trends.The broker notes that its operational momentum is improving: "UK market lines returned to growth in the fourth quarter as consumers return to fixed line to get access to higher broadband speeds whilst BT's own retail line loss continues to improve," says analyst Paul Sidney.While Credit Suisse still views the company as the least efficient telecommunications group in Europe, it says it has scope to make further material cost savings over the next three years and its cost cutting is still underestimated.Additionally, "BT's government spending exposure is now limited to local authorities (low risk currently) following the memorandum of understanding signed with central UK Government," says Sidney.The broker keeps its 'outperform' rating and 200p target price.UBS raises estimates at testing and inspections firm Intertek after 'in line' full year results and a significant acquisition announced on Monday.The group recorded an organic revenue growth of 7.7% in 2010, against consensus estimates of 6.5%, reflecting a strong finish to the year, and indicated guidance for high single digit growth in the 2011 fiscal year. While the long run average is around 8%, "strong momentum leads us to forecast slightly higher, at 10%," says UBS.In a separate statement, Intertek said it will acquire Moody International, an inspection firm for the energy industry, for £450m."While we believe the exact mix and financial track record of Moody requires more detailed inspection, we believe this represents a positive move: diversification away from Consumer, more exposure to the fast growing energy/commodities industry and further expansion into emerging geographies," the broker says.UBS ups 2011 and 2012 earnings per share forecasts by 7% and 13%, respectively, due to the Moody deal, and raises the target price to 1,950p, from 1,800p. The 'neutral' rating is kept.Nomura says that while 2010 was a reasonably good year for insuring giant Old Mutual, it sees "no compelling reason to buy".Operating profit for the year ended 31 December rose by 14% (at constant currency) with its Long Term Savings division performing well in both Africa and Europe, while Nedbank, its South African bank, benefited from an improving credit environment, according to the Japanese broker.However, Nomura continues to regard Old Mutual as "strategically challenged, with little synergy between its various entities.""Aside from Nedbank's lack of fit within the group, we do not see the benefit of Old Mutual combining a Northern European presence with its core South African insurance activities. We think it would be better to focus on Africa where it has a strong core franchise rather than Europe where it is sub-scale," says analyst Nick Holmes.The broker raises the target price to 150p, but keeps its 'neutral' stance on the group as it sees few catalysts to excite investors this year.