Punch shares rose on Friday amid speculation that a merger with Mitchells & Butlers could be back on the cards or that they could do some sort of property deal. But M&B lost 15p, or 3.4%, to end at 427.25p, which, according to The Guardian, followed a negative note from JP Morgan slashing its price target from 850p to just 460p. The Daily Telegraph 22/12/07 page 33 The Guardian 22/12/07 page 34 The Financial Times 22/12/07 page 34