Shares in Morrisons climbed 13.5p to finish on 210.5p yesterday after a number of analysts upgraded the supermarket group’s rating from ‘neutral’ to ‘buy’.

Analysts at UBS said that investors were underestimating Morrisons’ sales potential, while analysts at Oriel Securities predicted that the retailer had “turned a corner” and was “in the best shape we have seen it since the merger with Safeway”.