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Upgrades/Downgrades - 22 August 2013

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

BHP Billiton SocGen ups TP to 1654p from 1533p, sell
Diageo Bernstein ups TP to 2330p from 2250p, market perform
Faroe Petroleum Liberum cuts TP to 183p from 188p, Buy
Ferrexpo Cantor cuts TP to 290p from 373p, Buy
Hikma Pharmaceuticals Jefferies ups TP to 1250p from 1200p, Buy
Hochschild Mining Citigroup cuts TP to 132p from 133p, sell
IP Group Numis cuts TP to 124p from 129p, Hold
John Wood Group HSBC downgrades to neutral from overweight
Legal & General Morgan Stanley ups TP to 192p from 184p, Equalweight
Lloyds Banking Group Jefferies ups TP to 69p from 65p, Hold
Nichols Panmure ups TP to 1230p from 1170p, Buy
Old Mutual Morgan Stanley ups TP to 186p from 171p, Equalweight
Sabmiller Bernstein ups TP to 3400p from 3300p, market 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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