Shares in Punch Taverns, the leased and tenanted pub group rose 7.1% today – one of the biggest FTSE 250 gainers – boosted by an upgrade from Panmure Gordon to "buy" from "sell". Ahead of the pubs operator's first-half results, which are due next week on April 22, Panmure said in a note to investors that Punch would be able to demonstrate stabilisation in its leased pub business. “We still have concerns over the performance of the managed pub business,” said Panmure “However, we think the appointment of a new CEO with managed pubs experience would be a positive catalyst for the shares." The shares climbed 6.1p to 92p, with Panmure moving its target price from 71p to £1.