Brokers Evolution Securities has lowered its 2007 earning-per-share forecast for Punch Taverns from 80.4p to 70p following the company's trading update last week. But it has retained a buy recommendation. Evolution says the smoking ban seems to have had little impact on trading, although the floods and poor weather have hit the company. New management structures are bedding down well and the different parts of the business are well positioned to make progress. The timing of Punch's major disposals was perfect, as was the refinancing. The shares closed at £10.31 on Friday. The Sunday Express 09/09/07 (Financial) pages 4 & 28