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Upgrades/Downgrades - 7 October 2013

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Stock Broker Update
Abcam Investec ups TP to 552p from 504p, Buy
Aviva SocGen ups TP to 560p from 400p, Buy
Fresnillo UBS ups to Buy from neutral
Hochschild Mining Liberum cuts TP to 174p from 219p, Hold
Hochschild Mining UBS ups to Buy from neutral; cuts TP to 200p from 225p
MAN Group UBS cuts TP to 86p from 98p, neutral
Tate & Lyle Citigroup cuts TP to 900p from 1000p, Buy
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.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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