Broker tips: Imperial Tobacco, Legal & General, GlaxoSmithKline...

Goldman Sachs has removed Imperial Tobacco from its 'Conviction List', saying it sees less potential upside from current levels. Nevertheless, the bank kept its 'buy' recommendation and 2,780p target price.Since being added to the Conviction List at the end of January, the stock has gained nearly 14%, while the FTSE World Europe has only risen 1.6% (in GBP terms). "Following recent share price performance, we believe the stock's valuation now better reflects our expectation of improving growth trends over the next two years."Berenberg has said that Legal & General remains its '"preferred play" in the life insurance sector following the recent major shake-up of the annuity and savings markets in the UK.Legal & General, rated 'buy', provides an "attractive entry point" given its recent sell-off, Berenberg said, adding that the company is "well placed to meet the ever-changing UK life insurance landscape".UBS has reduced its target price for GlaxoSmithKline from 1,650p to 1,500p, saying that forecasts for earnings growth may continue to prove elusive for the pharmaceutical group.The bank retained its 'neutral' recommendation, saying that guidance for 2014 "looks increasingly challenging".Credit Suisse has trimmed its estimates for Burberry and kept a 'neutral' recommendation, saying that profit growth at the high-end luxury firm will "take a break" this year."As much as we like Burberry's superior long-term top-line story, we see group margins under pressure in the next two years, which should put a lid on the shares," the bank said.Investec has reiterated its 'buy' rating and 176p target price for iron ore producer Ferrexpo, saying that production results on Thursday should reassure investors.Analyst Louise Collinge said that the bigger-than-expected drop in cash costs "is clearly a good result and relates to operational efficiencies as well as the weakened Ukraine currency".BC