*Cazenove has downgraded Aviva to in-line from outperform and has upgraded Intertek to outperform from in-line.

*Societe Generale has upgraded Segro, saying the shares will still offer upside even if the group makes a £300 million rights issue. It initiated on Aegis Group with a buy rating and a 90p target. It has a hold view on Rio Tinto and cut its target price to £18 from £19.25p.

*ING initiated Standard Chartered with a sell rating and a 600p target.

*JP Morgan has downgraded Lancashire to neutral from overweight and cut its price target to 562p from 585p. It repeated its underweight view on Legal & General.

*Deutsche Bank has cut its target on British Land to 365p from 630p, says buy. The broker is rumoured to be telling clients that the appetite for rights issues may soon be sated with £2 billion already asked for.

*Morgan Stanley has downgraded Victrex to equal-weight from overweight and cut its price target to 400p from 450p. It repeated its overweight view on Croda and on Johnson Matthey although it cut its target on the chemicals group to £13 from £13.50. It cut its target to Schroders - which is rated underweight - to 740 from 815p.

*Credit Suisse has upgraded Dana Petroleum to outperform from neutral and lifted its price target to £12.02 from £10.98.

*Citigroup upgraded Smith & Nephew to buy from hold. It cut its target price on British Land - rated buy - to 500p from 680p