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Upgrades/Downgrades - 14 February 2014

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Stock Broker Update
Bellway UBS ups TP to 1930p from 1875p, Buy
GlaxoSmithKline Barclays ups TP to 1575p from 1545p, Equalweight
Ladbrokes UBS ups to Buy from neutral
Lloyds Banking Group SocGen ups TP to 94p from 86p, Buy
New World Resources Jefferies cuts TP to 50p from 75p, Hold
Oxford Instruments UBS cuts TP to 1,750p from 1,850p, Buy
Petrofac Berenberg ups to Buy from Hold
Rio Tinto SocGen ups TP to 4,310p from 4,210p, Buy
Rio Tinto Citigroup ups TP to 4200p from 4000p, Buy
Rolls-Royce JP Morgan cuts TP to 1315p from 1520p, overweight
Rolls-Royce SocGen ups to Hold from sell, cuts TP to 1070p from 1150p
Rolls-Royce RBC cuts TP to 1,190p from 1,430p;rating outperform
Serco Group UBS cuts TP to 400p from 505p, neutral
Tate & Lyle Citigroup cuts TP to 800p from 900p, Buy
Tate & Lyle SocGen cuts TP to 750p from 900p, Buy
Telecity Group UBS cuts TP to 825p from 950p, 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.

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