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Upgrades/Downgrades - 28 October 2013

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

Stock Broker Update
3i Group SocGen ups TP to 415p from 370p, Buy
Admiral Numis ups to add from reduce, ups TP by 255p to 1425p
Brewin Dolphin N+1 Singer initiates with Buy rating; TP of 305p
Daisy Group Liberum Capital ups TP to 165p from 155p, Buy
EnQuest Liberum ups to Buy from Hold, ups TP to 174p from 142p
Imperial Tobacco Group Renaissance Capital downgrades to Hold from Buy
Pendragon Jefferies ups TP to 47p from 40p, Buy
Sage Group Jefferies ups to Buy from Hold, Jefferies ups TP to 380p from 320p
Salamander Energy RBC downgrades to sector perform from outperform, cuts TP to 170p from 250p
Unilever Panmure downgrades to Hold from Buy; TP to 2625p from 2800p
Vedanta Resources JP Morgan cuts TP to 1360p from 1540p, overweight
Workspace JP Morgan ups TP to 540p from 525p, overweight
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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