Positive, No Upgrades

BNP Paribas initiated coverage with a positive stance, aligning with the unchanged fair value anchor and suggesting the current valuation framework is reasonable. UBS has adopted a more positive view, citing supporting factors but also keeping the central price target unchanged. Despite the constructive tone from both banks, the absence of an upward revision to the £12.47 fair value indicates analysts remain cautious about expanding valuation assumptions at this stage.