Morning Eyecatchers: Broker Roundup

Morgan Stanley upgrades BT, downgrades Vodafone.

 * Morgan Stanley, in a note on European telecom services, downgrades Vodafone to underweight from overweight, with a 170p target and upgrades BT Group to equal-weoight from underweight with a 265p target

 * Panmure Gordon has downgraded Aggreko to hold from buy with a 640p target, has a hold and 95p target for Alexon, a buy and £30.75 target for AstraZeneca, a buy and 33p target for Mid-States, a hold and 100p target for Individual Restaurants, a buy and 500p target for Mouchel, has downgraded Personal Group to hold from buy, cutting target to 280p from 340p, has a buy for Phoenix IT, raising target to 366p from356p, a buy and 120p target for Renovo, a buy and 525p target for Tesco, a buy and 800p target for VT Group and a buy and 14.5p target for Woolworths.

 * Deutsche Bank has downgraded Michael Page to sell from hold with a 265p target and reiterates hold Hays with an increased 98p target

 * Merrill Lynch reiterates buy Cairn Energy, has a buy for VT Group, a sell for Homeserve, a buy and 510p target for Mouchel Group, a buy and 260p target for Shanks Group and a buy and 150p target for Thomson Group

 * ABN Amro has a buy for Dairy Crest, cutting tarfget to 695p from 740p and a buy for Cairn Energy

 * Seymour Pierce reiterates sell Cairn Energy with a £22 target, has a buy and £5.50 target for Portland Gas and retains its underweight stance for general retailers

 * KBC Peel Hunt reiterates buy Paragon, has a buy for Plaza Centers, raising estimates, a hold for Mouchel Group and has a negative stance on Individual Restaurant Group

 * Investec reiterates buy Premier Foods with a 135p target and has a buy and 520p target for Robert Wiseman Dairies

 * WH Ireland reinitiates coverage of Rubicon Software with a speculative buy, reiterates speculative buy for Getech Group, has an outperform for Air Partner, a market perform and £20.75 target for Homeserve, an outperform and 500p target for Mouchel Group, a market perform for VT Group and an outperform and 438p target for RWS Holdings