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Upgrades/Downgrades - 21 October 2013

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

Stock Broker Update
BAE Systems Citigroup ups TP to 460p from 360p, neutral
BHP Billiton JP Morgan cuts TP to 2300p from 2345p, neutral
Britvic SocGen downgrades to Hold from Buy
Burberry Goldman Sachs ups TP to 2282p from 2181p, Buy
Cobham Citigroup ups TP to 285p from 250p, neutral
Elementis Berenberg cuts TP to 285p from 290p, Buy
MAN Group Exane BNP Paribas ups to neutral from underperform
Meggitt Citigroup ups TP to 550p from 500p, neutral
Mulberry Goldman Sachs ups TP to 1406.4p from 1392p, Buy
Record JP Morgan ups TP to 45p from 40p, overweight
Rolls-Royce Holdings Citigroup ups TP to 1280p from 1200p, Buy
Spectris JP Morgan ups TP to 2540p from 2455p, overweight
ST Ives Numis initiates with Buy; TP 228p
Synergy Health Numis ups to Buy from add
Travis Perkins UBS ups TP to 1960p from 1825p, Buy
Wolfson N+1 Singer downgrades to Hold from Buy
Wolseley RBC ups TP to 3450p from 2900p, sector perform
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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