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Upgrades/Downgrades - 28 November 2013

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Stock Broker Update
Anglo American Liberum ups to Hold from sell
Associated British Foods Jefferies assumes coverage with Hold; TP 2400p versus prior TP of 1750p
Cairn Energy JP Morgan ups to overweight from neutral; ups TP to 365p from 340p
Debenhams Jefferies initiates with Hold; TP 95p
Diverse Income Trust JP Morgan initiates with overweight
Lloyds Banking Group Exane BNP Paribas ups TP by 22 percent to 110P, outperform
Marks & Spencer Jefferies initiates with Hold; TP 530p
Next Jefferies initiates with Buy; TP 6300p
Royal Mail RBC ups TP to 625p from 580p, sector perform
Serco UBS adds to most preferred list in European support services, Buy
SIG Panmure ups TP to 262p from 228p, Buy
Ted Baker Jefferies ups TP to 2300p from 2150p, Buy
WPP UBS ups TP to 1500p from 1300p, Buy
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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