Berenberg raised its target price for Shell from 3,000p to 3,250p following the oil major's strong third-quarter results last week, hailing the company's "attractive" free cash flow and balance sheet strength.
Shell's third-quarter results were "solid", Berenberg said, after adjusted net earnings came in 7% ahead of consensus, helped by improved production and strong results from the Integrated Gas arm.
Cash generation was also strong, enabling the company to keep its $3.4bn share buyback for the fourth quarter while also cutting net debt by $2bn.
"Shell has the lowest gearing of the major European integrated companies, which gives it more potential to lean on the balance sheet to maintain buybacks in a more challenging macro environment," said the German bank, which reiterated its 'buy' rating on the stock.
"We expect the liquefied natural gas (LNG) market to remain tight through 2026 with prices remaining high, and with European gas inventories relatively low today, there is a risk of European gas price spikes over the winter that could also open attractive trading opportunities for Shell."
Vodafone slid on Monday after UBS downgraded the shares to 'sell' from 'neutral' saying it sees three potential risks.
The bank said Vodafone has made significant progress in reshaping its portfolio, returning cash to shareholders and turning around Vodafone Germany.
"However, with the shares up 34% year-to-date, Vodafone is trading on a valuation premium to peers and we think material risks have been overlooked," said UBS.
Firstly, it pointed to rising competition in German Multiple Dwelling Units.
Secondly, it noted a de-rating in Vantage Towers from the loss of Spanish revenues and thirdly, it pointed to the potential loss of the 1&1 NRA should there be German mobile consolidation.
UBS also nudged the price target up to 80p from 72p.
Analysts at RBC Capital Markets upgraded home furnishings retailer Dunelm from 'sector perform' to 'outperform' on Monday, stating the stock was "measuring up well".
RBC noted that Dunelm shares have de-rated by a 2-3 price-to-earnings ratio over the past two years, given a stable profit trend and concerns over maturity.
However, it reckons it should now see an acceleration in growth, driven by market share gains and gross margin improvement.
"The shares have lagged the sector despite DNLM's improving outlook. Hence, we see an opportunity here and upgrade Dunelm to 'outperform'," said RBC.
RBC raised its FY26-27 earnings per share forecasts slightly for Dunelm, following a strong start to FY26, with its discounted cash flow-driven price target rising from 1,200p to 1,300p.
"Dunelm is trading at 13.5x CY26e P/E, well below its historic average of c.16x. We view this as undemanding for a high quality business with a market leading offer, strong operational grip and a cash generative model," added RBC.
When it came to Frasers, on the other hand, RBC downgraded the stock to 'sector perform' from 'outperform', stating that while it views Frasers as one of the "more diverse and resilient retailers" in the sector, it believes the stock's valuation was likely to "continue to be constrained" by a lack of liquidity.
"Following a strong run in the share price, we think there is now less valuation upside compared to some other retailers. Hence we reduce our rating to Sector Perform but also remove our Speculative Risk qualifier," said RBC, which also bumped up its target price on the stock from 775p to 800p.
Citi downgraded Pennon to 'neutral' from 'buy' but lifted its price target on the stock to 542p from 539p.
It noted that the shares are up around 30% in the last eight months, driven by a combination of re-rating from its lows post equity raise and recent downward gilt moves.
"While shares continue to trade at one of the lowest premium to RABs (7% on Mar-27) among European regulated utilities and the lowest in the UK, we see limited scope for near-term further re-rating," the bank said.
"If anything, we see some risks around UK Budget (rates/energy affordability read-across) and potential risk of new CEO revisiting operational targets on arrival.
"As we stand, Pennon shares are pricing in RoRE of circa 5.5% versus target of 7% (versus others of circa 6.5%) and the shares are also not yet pricing in the 30 bps of bonus returns upon reaching 4* EPA rating."
Citi said operational delivery will be key for further share price re-rating and this could take time.