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Upgrades/Downgrades - 19 February 2014

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Stock Broker Update
BHP Billiton SocGen ups TP to 1890p from 1790p, Hold
BHP Billiton Deutsche Bank ups TP to 2450p from 2400p
Drax Group Barclays ups TP to 950p from 915p, overweight
Greggs UBS ups TP to 560p from 480p, Buy
HSBC Holdings Deutsche Bank cuts TP to 700p from 710p
Hutchison China MediTech UBS ups TP to 820p from 760p, Buy
InterContinental Hotels Group Barclays cuts TP to 1900p from 1930p, Equalweight
InterContinental Hotels Group Citigroup cuts TP to 2350p from 2370p, Buy
Marks and Spencer Jefferies ups to Buy from Hold, ups TP to 600p from 480p
Morgan Advanced Materials Jefferies ups TP to 370p from 360p, Buy
Proactis Holdings Finncap ups TP to 70p from 60p
Tullett Prebon Barclays ups TP to 350p from 325p, Equalweight
Ultra Electronics JP Morgan ups TP to 2000p from 1950p, neutral
Vodafone Nomura ups TP to 255p from 250p, 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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