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Upgrades/Downgrades - 26 February 2014

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

Stock Broker Update
Ashmore Group Barclays cuts TP to 300p from 380p, Equalweight
Ashmore Group UBS cuts TP to 355p from 405p, Buy
Ashtead Group Jefferies ups TP to 1000p from 900p, Buy
Clinigen Group Numis ups TP to 620p from 485p
CRH UBS ups TP to 2000p from 1740p, Buy
Elementis Barclays ups TP to 243p from 233p, underweight
Hays Jefferies ups TP to 159p from 148p, Buy
Hiscox Morgan Stanley cuts TP to 613p from 631p, Equalweight
HSBC Holdings Nomura cuts TP to 710p from 790p, neutral
Intertek Group Jefferies cuts TP to 2700p from 2750p, underperform
Ladbrokes Barclays ups TP to 128p from 123p, underweight
Molins Panmure initiates with Buy; TP 271p
Oxford Instruments Jefferies cuts TP to 1625p from 1670p, Hold
Persimmon Jefferies ups TP to 1427p from 1329p, Hold
Persimmon Citigroup ups TP to 1610p from 1415p, Buy
Provident Financial Berenberg ups TP to 2050p fom 1970p, Buy
Randgold Resources UBS initiates with Buy rating; TP of 5,400p
Restaurant Group Panmure ups TP to 750p from 684p, Buy
St. James’s Place Barclays ups TP to 917p from 871p, overweight
Taylor Wimpey Jefferies ups TP to 140p from 135p, Buy
Tesco Jefferies cuts TP to 375p from 440p, Buy
Tesco Nomura cuts TP to 310p from 350p, neutral
Tesco Oriel downgrades to Hold from add
United Utilities Morgan Stanley downgrades to Equalweight from overweight
United Utilities Morgan Stanley drops from Europe best ideas
Vodafone Barclays resumes with overweight; TP 260p
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.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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