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Upgrades/Downgrades - 4 July 2013

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Key: (?) = Upgraded, (?) = Downgraded, (-) = Maintained

Aberdeen asset management JP Morgan cuts TP to 476p from 573p, overweight
Ashmore Group JP Morgan cuts TP to 339p from 410p, neutral
ASOS Jefferies ups to Buy from underperform; TP to 6200p from 2199p
Carillion RBC ups to outperform from sector perform; TP to 315p from 285p
Charlemagne Capital JP Morgan cuts TP to 8p from 10p, underweight
F&C Asset Management JP Morgan cuts TP to 102p from 154p, neutral
Henderson Group JP Morgan cuts TP to 159p from 173p, neutral
Jupiter JP Morgan cuts TP to 317p from 399p, overweight
Liontrust Asset Management JP Morgan ups TP to 198p from 193p, underweight
MAN Group JP Morgan ups TP to 108p from 85p, neutral
Record JP Morgan cuts TP to 40p from 45p, overweight
Schroders JP Morgan resumes coverage with overweight rating
Spirent Communications JP Morgan ups TP to 152p from 128p, neutral
Spirent Communications N+1 singer cuts TP to 130p from 140p, Hold
Spirent Communications Morgan Stanley cuts TP to 110p from 120p, Equalweight
Vectura Group N+1 Singer initiates with Buy rating; TP of 91p
Source: Reuters News, AlphaTerminal, Dow Jones Newswires

Source: Bloomberg, Reuters News, AlphaTerminal, Dow Jones Newswires

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T111his research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

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