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Upgrades/Downgrades - 21 May 2013

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For a more detailed explanation of Upgrades/Downgrades see Link

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

Anglo American SocGen cuts TP to 1710p from 1750p, Hold
Ashmore RBC downgrades to sector perform from outperform
Burberry Nomura ups TP to 1440p from 1350p, neutral
Dairy Crest SocGen ups TP to 485p, Hold
easyJet UBS ups TP to 1380p from 1175p, Buy
Firstgroup Panmure cuts TP to 170p from 200p, Hold
Glencore Xstrata SocGen cuts TP to 390P from 410P, Buy
Henderson RBC ups TP to 180p from 160p, sector perform
Hikma Pharmaceuticals Citigroup ups TP to 1150p from 1100p, Buy
Imperial tobacco Group Berenberg cuts TP to 2500P from 2800P, Hold
Jupiter Fund Management RBC ups to outperform from sector perform; ups TP to 390p from 340p
Kedco WH Ireland initiates with speculative Buy
Petropavlovsk SocGen downgrades to sell from Buy
Rio Tinto SocGen cuts TP to 3620p from 3745p, Buy
Shire S&P Capital IQ ups TP to 2300p from 2000p, Hold
Unite Group JP Morgan ups TP to 425p from 330p, overweight
Utilitywise Westhouse initiates with Buy; TP 141p
Vertu Motors Panmure ups TP to 63p from 55p, 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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