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He rates the company's shares a speculative buy.
Canaccord has moved from buy to speculative buy, and slashed its price target from £19.22 to 563p.
With the shares trading at 35 cents each, he downgraded his rating from strong speculative buy to underperform.
Marks & Spencer dipped 4p to 491.1p despite Canaccord Genuity raising its recommendation from hold to speculative buy, albeit with a target price reduced froim 585p to 550p.
We do not yet sufficient conviction in the longer-term fundamentals to move to an unequivocal buy recommendation, but the short-term risk reward looks weighted to the upside, given the de-rating since April, hence our move to a speculative buy.
A speculative buy on dips to $34.
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It does frustrate me hugely reading about "slum" landlords with their ruthless commercial practices, or speculative buy-to-let investors gobbling up soulless new builds furnished with cheap cookie-cutter interiors for maximum commercial gain.
The measure is intended to deter speculative buying.
Clearly, it encouraged the speculative buying of the past few years.
Speculative buying drove platinum prices to a 23-year high of $730 an ounce.
Speculative buying has eased slightly but prices and sales have reached new highs.
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