Broker tips: M&S, Morrison, ARM, Spirent

Numis Securities has scaled back its profit forecasts for Marks & Spencer (M&S) after the High Street retailer missed expectations in its third quarter. The broker maintained a 'hold' rating and 450p target price for the stock.Investec also reduced its forecasts for M&S after the results, but upgraded its rating from 'hold' to 'buy', saying that the business should now become cash generative given that the current year is the last year of elevated capital expenditure (capex). Panmure Gordon has trimmed its target price for Morrison and reiterated its 'sell' rating after a "very disappointing Christmas" by the UK grocer.The analysts said: "This has been a tough trading period for all retailers, but the weakness of these results clearly reveals a fundamental weakness in Morrison's business model - extending to more we believe than just a lack of exposure to convenience and online, although clearly this is the main issue."Deutsche Bank has lowered its recommendation for chip designer ARM Holdings from 'buy' to 'hold', saying that consensus forecasts for 2014 look too high. It cut its target price for the stock from 1,130p to 1,070p.The bank still believes that ARM remains "one of the best secular growth stories in the sector". However, after a strong finish to 2013 it said that the share price is now ignoring "several risks".Analysts at Jefferies have cut their rating for communications technology group Spirent Communications from 'buy' to 'hold' and slashed their target price from 150p to 103p.The broker said that it is "testing times" for Spirent with 2014 likely to be a "year of slow improvement".BC