LONDON (ShareCast) - JP Morgan has lowered its target price on miner Anglo American to 3,040p from 3,570p after cutting its metal price estimates.

The broker has lowered its 2008 assumptions for the platinum price by 18%, the nickel price by 12% and the copper price by 4%.

JPM also noted Anglo American’s shift away from exposure to platinum, with the precious metal’s contribution to earnings falling from 20% this year to an estimated 8% next year.

KBC Peel Hunt has raised its recommendation on Restaurant Group to ‘buy’ from ‘hold’ after the Frankie and Benny’s restaurant chain owner’s interim profits beat forecasts.

Restaurant Group announced interim pre-tax profits of £21.1m Friday morning, against expectations of £18.5m.

However, the broker predicts more difficult times ahead for the company.

“Restaurant Group’s model will not be immune from the consumer downturn, despite average spend being low at around £15,” it said.

KBC Peel Hunt has lowered its recommendation on Salamander Energy to ‘add’ from ‘buy’ after the oil and gas firm slipped into the red at the half-year stage.

Loss after tax for the first six months of 2008 was $6.6m, compared with a profit of $3.8m a year earlier.

This was due to expenses relating to an unsuccessful well in Indonesia, KBC Peel noted, adding that the recent failure of a well in the Philippines could result in the same thing happening in the second half.

• News Channel