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Upgrades/Downgrades - 13 August 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Company Broker Update
Aviva Nomura ups TP to 474p from 414p; Buy
BBA Aviation Jefferies ups TP to 345p from 290p; Buy
Catlin Westhouse cuts TP to 575p from 590p; Add
Ferrexpo Morgan Stanley cuts TP to 220p from 320p; Equalweight
Fresnillo UBS initiates coverage with a Buy; 1250p TP
GlaxoSmithKline Day to Day cuts TP to 1781p from 1990p; Buy
Glencore Xstrata Exane BNP Paribas cuts TP 22% to 315p; Neutral
Grainger JP Morgan Cazenove upgrades to Neutral from underweight; ups TP to 205p from 170p
Hochschild Mining UBS initiates coverage with a Neutral; 210p TP
International Personal Finance Citigroup downgrades to Neutral from Buy; ups TP to 700p from 540p
John Wood Group Investec ups TP to 900p from 800p; Hold
Legal & General Citigroup adds to Preferred lits; Neutral ups TP to 210p from 181p
Old Mutal Nomura downgrades to Neutral from Buy; TP 202p
Petra Diamonds Citigroup ups TP to 164p from 152p; Buy
Petra Diamonds Numis cuts TP to 160p from 170p; Buy
Prudential S&P Capital IQ ups TP to 1320p from 1280p; Buy
Rio Tinto SocGen ups TP to 3698p from 3571p; Buy
Royal Bank of Scotland Goldman Sachs ups TP to 400p from 370p; Buy/Neutral
Smith & Nephew Investec cuts TP to 783p from 802p; Hold
Smith & Nephew Citigroup downgrades to Neutral from Buy; ups TP to 700p from 540p
Spirax Sarco Engineering Investec ups TP to 3050p from 2800p; Hold
Thomas Cook Panmure Gordon ups TP to 180p from 164p; Buy
Whitbread Panmure Gordon downgrades to Sell from Hold; cuts TP to 2644p from 2688p
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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