Broker tips: Wood Group, IMI, Wolseley

HSBC has downgraded its stance on Wood Group from 'overweight' to 'neutral' and cut its target price from 900p to 860p, citing a 'more benign medium-term outlook' for the energy services firm.While the bank doesn't think the stock's valuation is demanding, it says that it sees a more balanced risk/reward: "We think the market will remain somewhat nervous around the outlook for Engineering and, on a 12-month view, we do not see enough upside to justify a positive view."Investec has said that it is pleased with an in-line set of first-half results from engineering firm IMI, as it placed its 'hold' rating under review on Thursday.The broker pointed out that IMI has already delivered around 47% of consensus full-year profit expectations during a year that is expected to be second-half weighted. "Although our full-year estimate is higher [than consensus], there is enough evidence in these results to support our view of better momentum in H2E and FY14E."Plumbers merchant Wolseley was making gains on Thursday morning after UBS upgraded its rating for the stock from 'neutral' to 'buy', giving an upbeat outlook for growth in the US.The Swiss bank said that after analysing second-quarter results from its US peers who have already reported, Wolseley's growth should have accelerated to a double-digit rate in the fiscal fourth quarter (ended July).BC