- Equity analysts at Credit Suisse have moderated their investment rating on TUI [LON:TUI] and moved to a neutral rating (from underperform) believing the near-term risks faced by the travel operator are now diminished.

The Swiss bank specifically highlighted:

i) the material shift in relative value (premium to TCG lowest since 2014 merger),

ii) reduced risk of 2017 EPS disappointment, and

iii) the positive mix effect of cruise/hotel growth plus fx on its SOTP

Credit Suisse added: "TUI has underperformed travel peers (ex-AIRF) by 32% YTD plus its PE premium to Thomas Cook has fallen to just 8% vs a 50% average since the 2014 merger and re-listing in London.

"With 4% potential upside we upgrade our rating to Neutral from Underperform."

Target price lifted to £13 from £11.

Meanwhile, Maquarie has downgraded its recommendation on copper miner KAZ Minerals [LON:KAZ] which it says is on valuation grounds, adding that "even quality has a price".

The broker highlighted the stock's "stellar" performance, which has seen the shares rise by 600% in the past 18 months.

Analyst Alon Olsha added: "However, the stock's valuation discount to its peer group has now sufficiently narrowed, in our view, and with multiple expansion an increasingly influential driver of share price returns, we believe now is the right time to lock in profits."

Nevertheless, Maquarie upped its target to 700 pence per share from 640 pence.

Elsewhere, Liberum Capital moved to a hold call on recruitment consultancy PageGroup [LON:PAGE] - previously rated as buy - due to the strong share price performance since the beginning of the year (shares up 26% YTD).

The broker commented: "Whilst we acknowledge that the shares provide an attractive yield and do not look overly expensive relative to historic levels, we see more limited upside to our earnings estimates than has been the case in the recent past."

Despite upping its target price to 505 pence (from 455 pence), Liberum sees the shares as offering a potential total shareholder return (TSR) of 8% and reckons there is better risk reward potential elsewhere in the sector.

At 3:08pm:

[LON:KAZ] Kaz Minerals PLC share price was +4p at 667p

[LON:PAGE] PageGroup Plc share price was +0.55p at 485.25p

[LON:TUI] TUI AG share price was +69p at 1300p

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