Punch and Mitchells & Butlers suffered downgrades at the hands of two different sets of brokers. Deutsche Bank downgraded Punch Taverns from “buy” to “hold” with a reduced 900p target. The broker suggested the pub group should be valued more in line with managed pub operators following the £2.7bn purchase of Sprit Group. The shares fell 11.5p to 869.5p. Morgan Stanley downgraded Mitchells & Butlers, which fell 8p to 410.25p. No further details are reported. The Times 07/01/06 page 61 (Small Caps) The Daily Telegraph 07/01/06 page 33 (The Market)