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Upgrades/Downgrades - 29 January 2013

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

ARM Holdings Jefferies ups TP to 805p from 693p, Hold
Astrazeneca Barclays ups TP to 3200P from 3100P, Equalweight
AVEVA Group Seymour pierce ups TP to 1940p from 1780p, sell
AVEVA Group Jefferies ups TP to 2560p from 2300p, Buy
BT Group SocGen ups TP to 245p from 220p, Hold
BT Group BofA Merrill downgrades to neutral from Buy; objective to 265p from 285p
Cairn Energy Bernstein downgrades to market perform from outperform
Diageo BofA ups objective to 2000p, Buy
Glaxosmithkline Barclays ups to overweight from Equalweight
Pennon Group HSBC ups TP to 800p from 790p, overweight
Smiths Group Jefferies cuts TP to 1400p from 1600p, Buy
Unilever Jefferies downgrades to Hold from Buy; ups TP to 2608p from 2460p
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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