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Regus: UBS reduces target from 100p to 95p, keeps sell recommendation.

Cranswick: Investec lifts target to 870p and remains a buyer; Peel Hunt ups target from 750p to 800p, hold rating kept.

The 225p target equates to the stock trading at 12 times next year's (ending 2013) earnings. Currently, the shares are trading at a multiple of 13.5, the broker said. Carver believes that the current price "is assuming a stronger performance in Europe than the current outlook suggests"

Peel Hunt has raised its target price for electrical components distributor Electrocomponents but maintained its sell rating on the stock, saying that the uncertain outlook does not warrant the current valuation. "We are raising our price target to 225p [from 180p] on the basis that, whilst the outlook is uncertain it has not deteriorated significantly since H2 last year. Also, the market has re-rated materially since then," said analyst Henry Carver

The target price is cut from 750p to 700p and near-term earnings estimates are reduced by around 20% to reflect further operating expenditure inflation at ENRC's Kazakhstan operations and project delays. A reduce recommendation is maintained.

Nomura has slashed its forecasts for Eurasian Natural Resources Corp (ENRC) and says that the stock to undeservedly trading at a premium to its peers. The broker claims that ENRC's international expansion strategy has faced "significant challenges" over the last two years, even though it has spend nearly $4bn on acquisitions outside Kazakhstan since 2008. "These headwinds have been exacerbated by the recent delays at the BMSA iron ore project in Brazil and the lack of progress around the licences for the Kolwezi and Frontier copper projects in the DRC. These challenges leave ENRC's organic growth platform with higher risks than those of its diversified peers," Nomura said

Alternative Networks, a UK business communications service provider, said mobile network services growth had been encouraging with an overall 5% comparative increase in gross profits in the first five months of the financial year. "The group has continued to make good progress in winning market share and the total number of mobile subscribers has grown organically by about 8% year-on-year," the firm said. Net cash balances at March 31st are expected to be about £13m, up from £10.9m at September 30th. The group intends to propose a full year net dividend of 11p for the year ending September 30th 2012 (2011: 10p).

Shopping trolley and basket maker Supercart posted a rise in like-for-like revenue from £5.6m to £6.4m for the six months ended December 31st, while profit before tax was £14,000, compared to a loss of £5,000 the year before. Basic earnings per share were 0.01p (2010: -0.01p). Net Cash at December 31st was £528,000 (2010: £1.25m). "Although, in what is traditionally our busier trading period, we have achieved a modest improvement on the equivalent period in 2010, the results are at a much lower level than we had expected," the firm said.

Ultimate Finance Group, a provider of financial solutions to small to medium enterprises, reported a 25% rise in turnover from £4.3m to £5.4m year-on-year for the half year ended December 31st. Operating profit was up 28% to £0.5m, while pre-tax profit dropped slightly from £0.337m to £0.329m. An interim dividend of 0.40p was proposed, compared to 0.35p for the same half the previous year.

Intandem Films, a London-based international movie company, posted a loss before tax of £0.37m (2010: -£0.29m) equating to a loss per share of 0.29p (2010: -0.18p). The firm currently has net assets of £746,851 and is debt free. "I believe that the conditions in the film industry are such that there will be exceptional growth in revenues over the next five years," the company's CEO said. "The last six months have seen considerable progress towards Intandem's objective of becoming a leading independent film company."

Food additive supplier Anpario has acquired Meriden Animal Health for a total consideration of up to £4.13m. The purchase, which significantly strengthens its position in China, is expected to be immediately earnings enhancing. The cost will be funded from existing cash resources.

The gift that keeps on giving, SIS, saw revenues rise 5.5% in 2011 to hit £116m, with underlying earnings of £23.4m. Michael Rosenberg said he was "happy" with the improvement in profits.

For the six months ending on December 31st, Catalyst made profits before tax of £1.9m, up on the £1.7m figure for the same period of 2010. Net debt is now nil, and net asset value per share is 122p per share, an increase of 9.9% over 2010.

SIS provides live feeds of horse racing to almost all UK betting shops, while also making money offering outside broadcasting facilities to TV news channels. Catalyst then gets paid a dividend from SIS. Yesterday the company received £1.03m, back in December the dividend was £1.4m.

Catalyst Media Group is one of the easier companies on the London Stock Exchange to understand. It doesn't sell anything, make anything or offer any service whatsoever. It is simply a 20.54 per cent stake in Satellite Information Systems, or SIS.

"Aerospace, particularly on the civil side, is performing well and remains the largest business sector for us. Rail has recently seen government support for further future rail improvement programmes. We expect nuclear power to become a key contributor to the UK's energy needs and that there will be an increasing resource requirement in the near future entailing not just new nuclear stations but also the site support facility, control environment and the upgrading work needed on the UK power transmission grid and infrastructure."

Gerry Mason, Non Executive Chairman, said: "We expect our core markets to remain solid but margin pressures to continue. We have several key contract renewals and extensions that fall due in 2012 and will be focused on achieving these, developing service capabilities and expertise and planning for the longer term growth of the business.

Basic earnings per share were down 36.2% from 15.69p to 10.01p. Net debt at year end was up 43.7% to £33.3 m from £23.2m at the end of 2010. With debt and working capital requirements on the rise, the dividend has been sacrificed, as previously announced back in December.

Engineer recruitment specialist Morson expects 2012 will be another tough year, with margins under pressure, after it saw profits fall in 2011. The UK provider of technical contracting personnel to the technical industries saw adjusted pre-tax profit fall 12.4% to £7.1m in 2011 from £8.1m the year before. This was partly the result of a rise in the cost of sales, while 2010 saw a one-off net gain on acquisition of business

"With the benefit of an enviable development pipeline and proven development and construction skills, the group can adapt to fluctuating market conditions and tenant demand and will be able to take advantage of the improved market climate once the economic cycle turns," the group said. Cash at the end of the year dropped from £1,108.2m to £996.1m. Despite the profits slide the stock got a boost from Peel Hunt which reiterated its buy rating, saying the solid 16.2-year income stream, long-dated debt (13.9 years to maturity) and large development pipeline (9.3m square feet with planning permission) makes Songbird an attractive long-term purchase.