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Upgrades/Downgrades - 21 August 2013

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

Aquarius Platinum Investec ups TP to 48p from 46p, Hold
Balfour Beatty Numis ups to add from Hold
BHP Billiton UBS ups TP to 2180p from 2080p, Buy
Cairn Energy RBC ups TP to 450p from 440p, outperform
Capita Panmure ups to Hold from sell; TP to 950p from 850p
Cineworld Group Investec ups TP to 420p from 380p, Buy
Drax Group UBS ups TP to 845p from 710p, Buy
John Menzies Panmure initiates with Buy rating; TP 877p
Kentz Corporation HSBC downgrades to neutral from overweight
Ladbrokes Nomura downgrades to reduce from neutral, cuts TP to 165p from 199p
PPHE Hotel Group Liberum ups TP to 500p from 336p, Buy
RPS Group Panmure ups TP to 295p from 250p, Buy
William Hill Nomura ups to Buy from reduce; TP 505p from 380p
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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