Wednesday broker round-up - UPDATE

Michael Page: HSBC upgrades to overweight from neutral. Reckitt Banckiser: Citi reiterates buy.Cairn Energy: Societe Generale initiates at buy. Royal Bank of Scotland: AlphaValue downgraded to add from buy yesterday and lowered the price target to £24.60from £29.80.ARM Holdings: UBS raises target from 615p to 620p, neutral rating maintained.BHP Billiton: UBS cuts target from 2,800p to 2,700p, buy recommendation unchanged.Anglo American: Credit Suisse reiterates neutral recommendation and 3,500 target.Lonmin: UBS reduces target from 1,025p to 1,000p, sell rating maintained.Carillion: Peel Hunt downgrades from buy to hold, target cut from 415p to 350p.Reed Elsevier: Nomura maintains buy and 668p target.Reed Elsevier: Investec keeps buy and 640p target.Morrison: Nomura reiterates buy rating and 350p target.Paddy Power: Evolution Securities retains neutral rating and €38 target.Paddy Power: Investec raises target from €40 to €50, buy rating unchanged.Premier Oil: Credit Suisse ups target from 484p to 490p, outperform stance kept.Drax: UBS raises target from 585p to 595p, buy rating kept.European Goldfields: Investec cuts target from 1,047p to 1,002p, buy recommendation maintained.Homeserve: Peel Hunt cuts target from 280p to 240p, sell rating retained.easyJet: Credit Suisse raises target from 412p to 463p, outperform rating retained.easyJet: UBS ups target from 435p to 450p, still a buy.Barratt Developments: Evolution Securities maintains buy rating and 120p target.Melrose: Evolution Securities keeps buy recommendation and 380p target.ENK: Evolution Securities reiterates buy rating and 50p target.UK Mail Group: Investec cuts target from 305p to 270p, buy unchanged.Trinity Mirror: Investec raises target from 104p to 114p, buy rating kept. Game Group: Peel Hunt downgrades from buy to hold, target slashed from 50p to 20p.Game Group: Investec puts buy rating and 45p target under review.