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Upgrades/Downgrades - 11 September 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Stock Broker Update
Antofagasta RBC Capital cuts TP to 1000p from 1050p; Outperform
Ashmore Socgen ups TP to 460p from 450p; Buy
BG Group Credit Suisse downgrades to Underperform from Neutral; TP 1190p
BSkyB JPMorgan downgrades to Neutral from Overweight
BSkyB JPMorgan cuts TP to 930p from 955p
GlencoreXstrata Deutshce Bank ups TP to 379p from 375p; Buy
GlencoreXstrata JPMorgan ups TP to 390p from 380p; Overweight
GlencoreXstrata Jefferies ups TP to 425p from 375p; Buy
Hays RBC Capital ups TP to 108p from 94p; Sector perform
HSBC JPMorgan downgrades to Neutral from Overweight; TP 800p
Informa JPMorgan upgrades to Overwight from Neutral
Informa JPMorgan ups TP to 615p from 555p
Michael Page RBC Capital ups TP to 600p from 520p; Outperform
Pearson Nomura cuts TP to 1100p from 1195p, Reduce
UBM JPMorgan upgrades to Overwight from Neutral
UBM JPMorgan ups TP to 830p from 775p
Whitbread JPMorgan downgrades to Neutral from Overweight
Whitbread JPMorgan cuts TP to 3250p from 3400p
Wolseley HSBC upgrades to Overweight from Neutral
Wolseley HSBC ups TP to 3930p from 3210p
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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