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Upgrades/Downgrades - 13 January 2014

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Stock Broker Update
African Barrick Gold Numis downgrades to sell from Hold
Amara Mining Numis cuts TP to 30p from 45p, Buy
Amara Mining Numis cuts TP to 30p from 45p
Antofagasta CIBC cuts TP to 900p from 1000p, sector performer
Antofagasta Numis cuts TP to 700p from 850p, Hold
Aureus Mining Numis cuts TP to 50p from 60p
Avocet Mining Numis downgrades to Hold from Buy; cuts TP to 9P from 22P
BP Barclays cuts TP to 550P from 560P, underweight
Centamin Egypt Numis cuts TP to 60p from 70p
Chaarat Gold Holdings Numis cuts TP to 25p from 30p
Cineworld Group N+1 Singer ups to Buy from Hold; ups TP to 500p from 376p
Croda International Berenberg cuts TP to 2850p from 3100p, Buy
DAMAC Real Estate Deutsche Bank initiates with Buy; TP $16.90
Ferrexpo Numis ups TP to 190p from 170p, Hold
First Quantum Minerals Numis downgrades to add from Buy
Fresnillo Numis ups to Buy from add; cuts TP to 10p from 11p
Fresnillo Numis ups to Buy from add; cuts TP to 10p from 11p
Hays Barclays ups TP to 155p from 120p, overweight
Highland Gold Mining Numis cuts TP to 80p from 110p
Hochschild Mining Numis cuts TP to 120p from 180p
Infinis Energy Deutsche Bank initiates with Hold; TP 265p
Intercontinental Jefferies downgrades to underperform from Hold; cuts TP to 1650P
Kazakhmys Numis downgrades to sell from Hold
Laird UBS downgrades to neutral from Buy; ups TP to 305p from 255p
Millennium & Copthorne Hotels Jefferies ups TP to 550p from 510p, Hold
Ocado HSBC ups TP to 235p from 200p, underweight
Petropavlovsk Numis initiates with reduce rating; TP 60p
Randgold Resources Numis cuts TP to 50p from 60p
Royal Dutch Shell Barclays ups TP to 2660p from 2650p, overweight
Serco Credit Suisse ups TP to 580p from 500p, outperform
SSE Exane BNP Paribas downgrades to neutral from outperformp; cuts TP by 21 percent to 1420p
Tullow Oil Barclays cuts TP to 1490p from 1510p euros, overweight
Vedanta Resources SocGen cuts TP to 955p from 1110p, Hold
Whitbread Jefferies ups TP to 3600p from 2700p, Hold
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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