(ShareCast News) - HSBC upgraded Paddy Power to 'hold' from 'reduce' and lifted its price target to €96.5 from €71.5 following strong first-half results and the company's deal with Betfair.The bank said operating profit was 9% ahead of its estimate, driven by the online operations in Europe and Australia.HSBC said the deal with Betfair was "good news", bringing additional product, especially the exchange, which it thinks is high value and expects to be used to improve the offer. It said the deal has the potential to create a unique, market-leading business ."The terms look attractive for Paddy, which retains a 52% equity stake, in line with the market capitalisation of the two groups the day before the deal was announced," it said.HSBC said the strong share price performance in the past week reflects the continued upgrades being delivered by the group and the potential acceleration that could be delivered by a Betfair transaction."This left our valuation-driven 'reduce' rating looking completely redundant," said the bank. RBC Capital Markets raised ASOS to 'outperform' from 'sector perform' with an unchanged target price of 3,750p saying recent share price weakness represents a buying opportunity.It noted that the shares have declined by more than 20% over the last three months and the stock now trades in line with its five-year price-to-earnings average."ASOS's top line should continue to benefit from price repositioning and further delivery enhancements such as speed, later cut-off times and click & collect options," said the Canadian bank.RBC said it's optimistic about the impact of local buying on the gross margin and it sees scope for EBIT margin expansion post full-year 2016.The bank forecasts an 18% three-year revenue compound annual growth rate in the UK led by further delivery improvements including an extension of the Boots Click and Collect trial, new brand additions and the likely rollout of the ASOS Rewards loyalty scheme."In our consumer survey, ASOS came top in the UK for range and overall website, while its delivery and mobile offering were ranked in second place." Ocado was on the front foot, bucking the overall trend after Exane BNP Paribas upgraded the stock to 'neutral' from 'underperform' and lifted its price target to 325p from 260p following the pullback in the share price."We take a deep dive on Ocado's international potential, revisit the UK business , and conclude that, after a pull-back, the shares are broadly fair, not compelling value," said Exane.It said that with around £1.5bn of retailer sales already priced-in, investors shouldn't chase the shares. The bank said it's more sanguine on the UK and the scope for Ocado to 'merge' its online offer with Waitrose in time.Exane said risks to the upside primarily relate to the signing of multiple deals with large retailers. On the downside, delays in striking international deals or only signing with a small operator would weigh on the shares, it said.As for the UK, a deal with Waitrose would be positive, whereas Amazon Fresh's entry to the UK could cause more concern than justified.