* Morgan Stanley has published a note on banks. The broker reiterates underweight for Alliance & Leicester, cutting target to 320p from 370p, has an equal-weight for Barclays, cutting target to 450p from 550p, an underweight for Bradford & Bingley, cutting target to 300p from 350p, an overweight and £19.20 target for Standard Chartered and downgrades HBOS to equal-weight from overweight, cutting target to 535p from 715p
The broker has an underweight for London Stock Exchange, an underweight for Logica, an equal-weight and 752p target for Prudential.

 * Panmure Gordon has a buy and £30.75 target for AstraZeneca, a buy and 400p target for Carphone Warehouse, a buy and 80p target for Debenhams, a buy and 540p target for Endace, a buy and 135p target for Friends provident, a buy and 210p target for Hilton Food, a sell and 165p target for Interior Services, a buy and 113p target for Lookers, a buy and 155p target for Summit, a buy and 450p target for Tesco and a buy and 675p target for WSP

 * Cazenove upgrades AstraZeneca to in-line from underperform

 * Goldman Sachs upgrades Go-Ahead Group to buy from neutral, cutting target to £20 from £24, downgrades Spirax-Sarco to sell from neutral and downgrades Invensys to sell from neutral

 * Sanford Bernstein initiates coverage of Vodafone with an outperform and BT Group with an underperform.

 In a note on UK insurers the broker reiterates outperform and 900p target for Aviva, has an outperform and 900p target for Prudential, its top UK picks.

The broker has an underperform and 600p target for Smith & Nephew

 * Evolution Securities initiates coverage of Majestic Wine with a buy and 280p target, reiterates add AstraZeneca and £24.30 target, has a buy and £15 target for BG Group, a buy and 575p target for Eros, an add and 207p target for Faroe Petroleum, a reduce and 585p target for Fidessa, a buy and 200p target for Henry Boot, a buy and 15p target for Nautical Petroleum and a reduce and 430p target for SSL International

 * Altium Securities reiterates buy WSP Group. cutting target to 672p from 702p, has a hold and 380p target for Euromoney, a buy and 460p target for Connaught, a buy and 160p target for Cineworld, a buy and 72p target for Debenhams and a buy and 489p target for JD Group

 * UBS has a neutral for DSG International, cutting target to 60p from 68p and reiterates buy BG Group

 * Credit Suisse has an outperform and 350p target for Meggitt and reiterates outperforms for BG Group and Renewable Energy

 * JP Morgan has an overweight for Nokia cutting target to €24 fromn €27 and has an underweight for Bradford & Bingley

 * Lehman Bros prefers Kesa Electricals to DSG International

 * Citigroup has a buy for Raymarine, cutting target to 350p from 420p, has a hold and 700p target for Aquarius Platinum and a hold and £37 target for Lonmin

 * SG Securities reiterates hold and £11.50 target for GlaxoSmithKline

 * Seymour Pierce has a buy for Advanced Power Components, a buy for BG Group, a buy for Independent Resources and an outperform for UBC Media.

 * KBC Peel Hunt has buys for Endace and Oxford Biomedica

 * Numis has a hold and 57p target for Debenhams, a buy and 353p target for Interior Services, an add and 210p target for Mears Group, an add and 510p target for Playtech, a buy and 131p target for Raven Russia, an add and 430p target for Tesco and a buy and 689p target for WSOP

 * WH Ireland has a buy for Latchways and an underperform for Rightmove