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Upgrades/Downgrades - 13 March 2014

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Stock Broker Update
Caracal Energy SocGen initiates with Buy rating; TP of 530p
Ferrexpo UBS cuts TP to 150p from 190p, neutral
Ferrexpo Deutsche Bank ups TP to 352p from 341p, Buy
G4S Citigroup cuts TP to 250p from 270p, neutral
Hikma Pharmaceuticals UBS ups TP to 1700p from 1450p, Buy
Indus Gas Deutsche Bank initiates with Buy rating; TP 36 euros
Pennon Group Deutsche Bank ups TP to 880p from 800p, Buy
Prudential Berenberg ups TP to 1600p from 1550p, Buy
Restaurant Group Barclays ups TP to 750p from 675p, overweight
Stock Spirits Group Berenberg ups TP to 325p from 310p, Buy
Trinity Mirror Numis ups TP to 280p from 265p, Buy
Tyman Berenberg ups TP to 350p from 327p, 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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