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SDL: Panmure Gordon reduces target price from 617p to 538p and downgrades from buy to hold. Peel Hunt reduces target price from 640p to 510p, hold rating reiterated. Investec reduces target price from 670p to 580p and upgrades to buy.

SABMiller: Barclays Capital raises target price from 2800p to 3100p, overweight rating kept. Jefferies raises target price from 2990p to 3200p, buy recommendation reiterated. Citigroup moves target price from 3000p to 3200p, buy rating unchanged.

Prudential: Alphavalue upgrades to reduce, target price of 866p kept.

Polyus Gold International: Citigroup initiates with a target price of 257p and a buy recommendation.

Orosur Mining Inc: Seymour Pierce initiates with a target price of 85p and a buy recommendation.

Iomart Group: Canaccord raises target price from 200p to 248p, buy recommendation maintained.

InterContinental Hotels Group: Alphavalue downgrades ro reduce, target price of 1709.20p maintained.

Daily Mail and General Trust: UBS moves target price from 465p to 520p, neutral rating kept. Morgan Stanley raises target price from 510p to 545p, equal weight rating unchanged.

Carphone Warehouse Group: UBS raises target price from 190p to 210p, buy rating remains unchanged.

Positive Points: Consistent with recent years, Aberdeen saw major inflows into its global emerging markets (GEM), Asia Pacific and global equity products, with continued encouraging inflows also seen for its Emerging Market Debt products. A strong balance sheet was declared, aided by a net cash position that more than doubled to £266.4 million (2011: £127.5 million). In early October, the group announced the opening of a new office in New York to support its expansion in North America. The Board said it remains committed to a progressive dividend policy. Aberdeen Asset Management was promoted to the FTSE-100 index for the first time in its 29 year history in March 2012.

Negative Points: Management retained a degree of uncertainty in its outlook, prompted by the global economic backdrop. As with any asset manager, declines in global stock market levels could see investors moving cash elsewhere. Ongoing concerns over the Eurozone debt crisis and an economic slowdown may impact on investor's appetite for taking on more risk. A disruption or departure within the group's investment team could lead to an outflow of assets under management.

Financial Highlights: Underlying profit before tax increased by 15% to £347.8 million (2011: £301.9 million). Aberdeen said revenues reached £869.2 million for the year ended 30 September, up from £784 million a year earlier. Assets under management increased by 10% to £187.2 billion (2011: £169.9 billion), with new client money and strong investment performance in equities driving the rise. The board have recommended a final dividend of 7.1 pence per share, making an 11.5 pence dividend for the full year, up from 9 pence last year.

full year results: Aberdeen reveals a very strong performance. Aberdeen Asset Management unveiled an impressive set of results against a backdrop of a difficult and uncertain year in the financial markets. The fund manager reported an 11% rise in full year revenues with underlying profits before tax up 15%, as rising demand for its higher margin equity products helped it to beat analyst expectations. Assets under management reached £187.2 billion, up from £169.9 billion a year earlier, with new client money and strong investment performance in equities driving the rise. The company's balance sheet was strengthened further during the year, with net cash more than doubling to £266.4 million. Management said it "remained confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value.

Company overview Aberdeen Asset Management Plc is an international investment management group, managing assets for both institutions and private investors from offices around the world. Its head office is based in Aberdeen, Scotland. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Earthport: Panmure Gordon reduces target price from 28ß to 24p, buy recommendation remains unchanged

Cobham: Jefferies raises target price from 230p to 240p, buy recommendation maintained.

Close Brothers Group: UBS raises target price from 830p to 850p, neutral rating kept.

British Land: Espirito Santo moves target price from 571p to 578p, buy recommendation remains unchanged.

Hence, they indicated that; "Historically, we have been concerned about British Land's ageing portfolio. However, although the company's lease lengths have shortened, the company has been turning these from a threat into an opportunity. We (...) note management's success in potentially timing the lease expiries in harmony with the delivery of new space." UBS also saw developments adding up to £71m of annual rent, although medium term NAV growth is forecast to be driven more by improving rental values, particularly from fiscal year 2015 onwards. There is also reversion to be captured from the existing portfolio from rent reviews, index-linked leases, and letting up vacancy, they added. Furthermore, British Land's average cost of debt is just 4.4% they pointed out, materially lower than its peers, whilst its marginal cost is approximately 1%. It also has £2.3bn of available facilities, giving it a competitive advantage in terms of speed of response to opportunities and minimising earnings dilution if those come with little rental income (e.g.: Clarges). UBS has raised its target price by 3.5% to 580p and its recommendation to buy from neutral.

For analysts at Nomura Compass Group's latest fiscal year results - which showed an 11% increase in earnings per share - encapsulated the key attractions of the investment case. These were strong turnover growth (5.4%), excellent cash flow conversion and continued margin expansion (+8bp). Interestingly, and as regards the company's £400m buyback, the broker remarked: "Rather than welcoming the extended buyback per se, we believe it acts as a useful reminder of the free cash-flow generation [of the company] and disciplined approach to Mergers&Acquisitions (medium-sized deals at an average enterprise value/earnings before interest and taxes ratio of 10.4). As regards the weak trading conditions expected in Europe they commented that: "This remains the greatest area of risk, but we believe the downturn is being well navigated by the newly-appointed management." Nomura raised its price target on the shares of the company to 832p from 800p before-hand, while reiterating its buy stance.