Lewis Hamilton says he has "a good opportunity" of victory in Sunday's Monaco GP

A cautious Lewis Hamilton has downplayed Fernando Alonso's claim that Mercedes are the favourites to win this weekend's Monaco GP, but admitted he does have a realistic shot at registering his maiden victory for the team on Sunday.

Despite its flaws, the W04 is a far more competitive package than the MP4-28, the car produced by the McLaren team that Hamilton left at the end of last year, and any disappointment at Mercedes' lack of race pace can also be expressed as a measurement of how much they have exceeded expectations in the opening exchanges of the 2013 season. In what was supposed to be a year of transition, Hamilton has instead emerged as an outside, but credible, Championship contender. Meanwhile, the impression that Mercedes are a team on an upward curve has been endorsed by the recruitment of Paddy Lowe, another departee from McLaren, to take up the newly-created position of Executive Director (Technical) at Brackley. "He's a great asset to the team," approved Hamilton. "I love working with Paddy. He's a great guy and very easy to work with." And given Mercedes' tyres woes so far this season, it was no surprise to hear Hamilton also approve of Pirelli's proposal to strengthen their compounds for next month's Canadian GP. "It can't be any worse for us!" he added. The 2013 Monaco Grand Prix this weekend is live only on Sky Sports F1. Don't miss out, upgrade or subscribe to Sky Sports today