Irish Continental Group (ICG) has been upgraded to a buy from a hold by ABN-Amro which believes that full-year results from the company in January could act as a catalyst to drive a re-rating.

Despite the lack of interest by investors in smaller companies, the stockbroker believes the sharp fall in the share since May, when it reached a peak of €13.0 (£10.24), is unwarranted and does not fully reflect the group's fundamentals.