Prospects for Punch Taverns are looking up after the pub company completed its debt overhaul, according to Numis Securities.The broker upgraded Punch to 'buy' from 'hold' with a target price of 10p.It said it preferred Punch to rival Enterprise Inns as Punch, which this week completed a restructuring that slashed its debt by £600m, had lower leverage than Enterprise and no refinancing event before 2021.Numis said the gross bond debt reduction and the 5.7x rise in the number of shares was in line with previous guidance.Punch was trading in line and Numis held forecasts despite net debt falling slightly more than the broker had expected.But Numis added: "Potential new regulations and falling wet-led pub beer volumes remain key concerns for bothcompanies."Shares in Punch were flat at 8.25p at 15:44 in London while Enterprise Inns fell 2.4p or 2.1% to 112.9p.