LONDON (ShareCast) - Marks & Spencer's business is in good shape but the economy is not and broker Credit Suisse believes that M&S needs "a major improvement in its fortunes" to hit profits of just £890m-£900m this year. Wait until the market improves before buying the shares says the Telegraph. Hold.

JJB Sports' investors should also be buoyed by the fact that the group is 22.3% owned by Icelandic fund Exista, and while they are not expected to launch a takeover bid, the holding should provide a backstop against the shares falling through the floor. The recovery story is good but recovery has not started yet and analysts are still complaining about a lack of visibility. JJB might be a solid, longer-term punt, but not for now. Sell says the Independent.

Brokers are tipping drug developer Alizyme to get a major licensing deal for its anti-obesity and type 2 diabetes drug Celilistat in the near future. Biotech valuations are largely driven by news flow. Alizyme is expecting lots in the next few months and most of it is likely to be good. Buy says the Independent.

Premier Oil yesterday revised its target of 50,000 barrels a day (bpd) to 80,000 bpd by 2012, saying that its exploration activities in Vietnam, in an area where the group has done well in the past, were on course. Analysts say the group is still cheap compared to the sector. Buy says the Independent.

No matter how well the company performs, the stock market continues to regard pub group Mitchells & Butlers as a property play. At 12 times current-year earnings, and yielding 4.4%, the shares are up with events given negligible near-term earnings growth. Hold says the Times.

Inter dealer-broker Icap has been expanding into areas such as freight, insurance and equity derivatives where it has only a small market share, accepting that in its core business it has probably reached a ceiling. It has plenty of leeway for purchases and with earnings growing in double digits and barriers to entry high, the shares remain a buy says the Times.

Imperial Tobacco lacks the emerging market attractions of BAT. However, its proven strength in integrating its purchases should work in its favour for now. Take up the rights says the Times.

In the near term, there will be volatility around Imperial but once the confusion dissipates, expect a pick-up in the shares. Investors should take up their rights. There can't be many better FTSE stocks to ride out a recession says the Telegraph.




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